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Proper study and analysis of a market requires a fundamental understanding of w
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Proper study and analysis of a market
requires a fundamental understanding of what a “perfect” market
is. There are four conditions which must be met in order for a market to
be purely competitive. This type of market is also referred to as
perfectly competitive. For this essay, complete the following:
Briefly describe the four conditions which must be met in order for a market to be perfectly competitive.
Is there a market or industry which is, or is considered very close to being purely competitive?
If you answer yes, what is the market, and defend how this market
meets the four requirements of the perfectly competitive model.
If you answer no, explain why you feel no market can become purely competitive.
It would be easy for this essay question to become quite lengthy, so please limit to 300 – 350 words.