Economists identify competitive markets as having these characteristics: • Identical products • price taker • low economic profits In preparation for the next module in which we will study the majority of markets that do not have these characteristics, based on your experience as a consumer what is a market for one good or service for which these characteristics do not hold? In your post, describe the good or service (not a brand name or company but the good or service itself) then explain why one or more of these characteristics is not true.
Economists identify competitive markets as having these characteristics: • Identical products • price taker • low economic profits In preparation for the next module in which we will study the majority of markets that do not have these characteristics, based on your experience as a consumer what is a market for one good or service for which these characteristics do not hold? In your post, describe the good or service (not a brand name or company but the good or service itself) then explain why one or more of these characteristics is not true.
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter9: Price Takers And The Competitive Process
Section: Chapter Questions
Problem 13CQ
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Transcribed Image Text:Economists identify competitive markets as having these characteristics:
• Identical products
• price taker
• low economic profits
In preparation for the next module in which we will study the majority of
markets that do not have these characteristics, based on your experience as a
consumer what is a market for one good or service for which these characteristics
do not hold?
In your post, describe the good or service (not a brand name or company but the
good or service itself) then explain why one or more of these characteristics is not
true.
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