Reflection#4: Modules 5 & 6 Ch8 to Ch11

1. Price taking can apply to buyers as well as sellers. A price-taking buyer/seller cannot influence prices by changing the amount purchased. Are you a price taker for the goods you buy? Give an example of it.

2. Name the main differences between perfect competition and monopolistic competition. Would you rather have efficiency or variety? That is, one opportunity cost of the variety of products we have is that each product costs more per unit than if there were only one kind of product of a given type, like shoes. Perhaps a better question is, "What is the right amount of variety? Can there be too many varieties of shoes, for example?"

Link to the book

https://tophat.com/marketplace/social-science/economics/textbooks/oer-openstax-microeconomics-openstax-content-saylor-academy/83/4022/