Read these, then respond with a brief response: I can name five or more perfectly competitive markets,
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Read these, then respond with a brief response:
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I can name five or more perfectly competitive markets, because the perfect competition is firms that face many competitors that sell identical products. For example pharmacies they all sell identical products like drugs and medical supplies. They compete with their prices and what each pharmacy has available. Like if one pharmacy has a product cheaper than the other the customers are gonna go for the cheaper pharmacy. Then you have to look at availability of products if one pharmacy has one drug and the other doesn't, then they lose and gain profits from that. Then you look at how the pharmacy advertises the product. If one pharmacy has all the details and the other doesn't, customers are gonna go to the best detailed advertisement of the product. Then you have to look at the staff. If the staff are hateful then they're gonna lose customers because who wants to buy anything from hateful people. The world is always going to need pharmacies so they will always get business but if there are too many in one town there is a lot of competition between them. I can name five or more perfectly competitive markets, because the perfect competition is firms that face many competitors that sell identical products. For example pharmacies they all sell identical products like drugs and medical supplies. They compete with their prices and what each pharmacy has available. Like if one pharmacy has a product cheaper than the other the customers are gonna go for the cheaper pharmacy. Then you have to look at availability of products if one pharmacy has one drug and the other doesn't, then they lose and gain profits from that. Then you look at how the pharmacy advertises the product. If one pharmacy has all the details and the other doesn't, customers are gonna go to the best detailed advertisement of the product. Then you have to look at the staff. If the staff are hateful then they're gonna lose customers because who wants to buy anything from hateful people. The world is always going to need pharmacies so they will always get business but if there are too many in one town there is a lot of competition between them.
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Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
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