Discuss and analyze whether the perfect competitor is a price maker or price taker and explain why

Discuss and analyze whether the perfect competitor is a price maker or price taker and explain why

This is an economic assignment. Each question must be answered in the form of a paragraph (5-6 sentences). Please cite all source(s) using MLA formatting on a bibliography page.

Question 1: Define Perfect Competition.

Question 2: Give 3 general examples of perfect competitors

Question 3: Discuss and analyze whether the perfect competitor is a price maker or price taker and explain why.

Solution preview

Perfect competition denotes to a market structure where the level of competition is at its peak. Neo-classical economists advance that perfect competition offers the best possible outcomes for consumers and society. Further, in perfect competition, firms offer homogenous products and there is freedom of entry………………………….

APA

408 words