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Competitive markets for good and services

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Reference no: EM13929157

  1. competitive markets for good and services
  2. 1-Explain how each of the assumptions of perfect competition contributes to the fact that all decision makers in perfect competition are price takers.
  3. 2-If the assumptions of perfect competition are not likely to be met in the real world, how can the model be of any use?
  4. 3-Explain the difference between marginal revenue, average revenue, and price in perfect competition.
  5. 4-Suppose the only way a firm can increase its sales is to lower its price. Is this a perfectly competitive firm? Why or why not?

 

 

Reference no: EM13929157

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