Their are many reasons why economists study the perfect competition model but we will focus on the options given and it is certified that all of them are the reason for this. Because it is used as a benchmark to compare with other market structures etc.
Firms can enter and leave the market without any restrictions , therefore, there is free entry and exit into and out of the market.
A perfectly competitive firm is known to be a price taker because the pressure of competing firms forces them to accept the prevailing equilibrium price in the market. If a firm in a perfectly competitive market raises the price of its product by so much as a penny, it will lose all of its sales to competitors.
The most appropriate opening for a direct claim letter when the remedy is obvious is the following mentioned below as it makes more logical sense.
<em>"I recently purchased a Stratus Balance Ball. The box arrived empty yesterday. When I opened the box, I expected to find the ball, but there was only a hand pump in the box. Because I did not receive the actual Balance Ball, I would like a full refund."</em>
