Explain why perfect competition is an ideal that is difficult to attain in every country, including...
- Explain why perfect competition is an ideal that is difficult to attain in every country, including in the United States? List several business situations in which perfect competition is approached in your country. Discuss also why you think those business situations you listed approach to perfect competition.
Homework Answers
The perfect competition has certain features. They are:
1. Infinitely large number of sellers and buyers.
2.Homogenous products: exactly the same.
3. Free entry and exit
4. No transportation cost, Perfect mobility
5. Perfect information: no asymmetric information.
In the real world, it is difficult to fulfill all these assumptions. A market with a complete homogenous product is almost impossible to find. There can be a situation where we can find a huge number of buyers and seller but there can't be a market where there is all the assumptions fulfilled. An example of a market approaching to perfect competition can be vegetable and fruits seller, because they have almost homogenous goods.
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