Assignment
Details:
Draw on your experiences and what you have observed to address the following questions and topics.
Choose a market for a good in your area that seems to be a perfectly competitive market. Perfect competition is useful in analyzing real-world markets, even though there are very few, if any, that match the characteristics of the perfect competition model. Answer the following questions to describe the market, and describe how competitive the market you have chosen is:
What good or service is provided in this market?
Who are the buyers and who are the sellers in the market?
Are there many sellers in the market?
Are there very many substitutes for the good or service?
If the store where you usually buy this item raised its prices, would you go to another store or switch products? Explain.
Do you think that this a competitive market? Explain.
Deliverable Length: 200 words (minimum)
Reading Assignment
Read the following chapters from the Microeconomics textbook:
• Chapter 6
o Fixed Costs, Variable Costs, Total Costs, pp.75-77
o Production and Costs, pp. 75-77
o Average Costs, p. 81
o Perfect Competition, pp. 86-91
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.