ASU Unit 4 Characteristics of A Perfectly Competitive Market Questions

Question Description

write 1200 words and 3 scholarly sources……NO PLAGIARISM

1. Explain, in your own words, the characteristics of a perfectly competitive market. For each characteristic, give an example of a firm or industry that would exhibit that trait. Keep in mind that no one firm can hold every characteristic.

2. How does a firm determine which level of output to produce in order to maximize profit? What happens to profit if the firm produces greater than or less than the optimal level of output?

3. Explain, in your own words, the various barriers to entry that are experienced in a monopoly market. Use an example of each barrier in your explanation.

4. What is the difference between a monopolists demand curve and a perfectly competitive firms demand curve? Why are they different?

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