Perfect competition is the first of four basic market models that we study in this course. Part one 4 to 5 paragraphs
Choose a market for a good in your area that seems to be a perfectly competitive market. Write four or five substantive paragraphs that describes the market and answers the following questions:
- Identify the buyers and sellers as well as the goods or services.
- How closely do real world conditions match the characteristics listed in the perfect competition model?
- Are the sellers price takers?
- Do the sellers compete using price
PART 2
any length
The purpose of this assignment is to become familiar with the terms import and export, and then discuss advantages or disadvantages of buying imports versus buying domestic products in relation to the fashion industry.
- First, provide the definitions of import and export.
- Select a company and product for 1 import and 1 export item.
- Advocate for buying an imported item or buying a domestically produced item for resale.
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