Problem
What assumptions are necessary for a market to be perfectly competitive? Explain why each of these assumptions is important. Consider the market for wheat which is a perfectly competitive market. Is the market demand curve the same as the demand curve facing an individual producer? If not, explain how and why they are different? Lastly, of the following industries, which are perfectly competitive? For those that are not perfectly competitive, explain why.
• Restaurants
• Corn
• College education
• Local radio and television.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.