Is This Perfect Competition? Class Activity DIRECTIONS
Characteristics of Perfect Competition
Several markets are listed below. Use the characteristics of perfect competition to decide whether each market is perfectly competitive or not. There are questions for each characteristic of perfect competition for each market.
Numerous Sellers Standardized Product Free Entry and Exit Perfect Information All Firms Are Price Takers
1) MARKET FOR STRAWBERRIES A) Are there a lot of farmers of strawberries?
B) Are strawberries all the same?
C) Are farmers able to start or stop growing strawberries from one season to the next pretty easily?
D) Do producers and consumers know the price for strawberries?
E) Do all strawberry farmers sell their strawberries for roughly the same price?
F) If you answered yes to most of the above five questions, the market for strawberries is likely perfectly competitive. Do you think the market for strawberries is competitive? Explain.
C) Is it easy for a new jeans company to get started?
C) Are farmers able to start or stop growing wheat from one season to the next pretty easily?
D) Do producers and consumers know the price for jeans?
D) Do producers and consumers know the price for wheat?
E) Do all jeans companies sell their jeans for roughly the same price?
E) Do all wheat farmers sell their wheat for roughly the same price?
F) If you answered yes to most of the above five questions, the market for jeans is likely perfectly competitive. Do you think the market for jeans is competitive? Explain.
F) If you answered yes to most of the above five questions, the market for wheat is likely perfectly competitive. Do you think the market for wheat is competitive? Explain.
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