Question

Ework Which of the following is not a reason perfect competition is a useful simplification, despite the diversity of market types we find in the world? O a. Perfectly competitive markets are the easiest to analyze because everyone participating in the market takes the price as given by market conditions. O b. Some degree of competition is present in most markets.c. there are many buyers and sellers in all types of markets. d.many of the lessons that we learn by studying supply and demand under perfect competition apply in more complicated markets as well.
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Answer 1

There are different kinds of market. The option that is not a reason perfect competition is a useful simplification, despite the diversity of market types we find in the world is that;

• There are many buyers and many sellers in all types of markets.

What leads to perfect competition?

Firms are known to be in perfect competition due to;

• When many firms produce identical products.
• When there are plenty buyers available to buy the product, and and also plenty sellers are available to sell the product, etc.

Firms are said to be in perfect competition when a lot of firms produce the same type of products and also these firms can do business in the market without any kind of restrictions.

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