Now having some knowledge of perfect competition and how/why it's generally experienced only in commodity markets, and
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Now having some knowledge of perfect competition and how/why it's generally experienced only in commodity markets, and that's not an absolute, discuss why the market for housing -though competitive- doesn't function under the theory of perfect competition.
Hint: take each of the tenets of perfect competition and ask yourselves (for example) "Are all house the same (homogenous)?"; "Do sellers face buyers with 'few' choices?" -get the idea? In essence, you're describing why real estate isn't perfectly competitive and how those characteristics we studied often do not apply.
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International Marketing And Export Management
ISBN: 9781292016924
8th Edition
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
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