What assumptions are necessary for a market to be perfectly competitive? Explain why each of these assumptions is important. Consider the market for wheat which is a perfectly competitive market. Is the market demand curve the same as the demand curve facing an individual producer? If not, explain how and why they are different? Lastly, of the following industries, which are perfectly competitive? For those that are not perfectly competitive, explain why. a. Restaurants b. Corn c. College education d. Local radio and television It should be atleast 2 to 3 word pages with work cited page

Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter14: Firms In Competitive Markets
Section14.3: The Supply Curve In A Competitive Market
Problem 3QQ
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What assumptions are necessary for a market to be perfectly competitive? Explain why each of these assumptions is important. Consider the market for wheat which is a perfectly competitive market. Is the market demand curve the same as the demand curve facing an individual producer? If not, explain how and why they are different? Lastly, of the following industries, which are perfectly competitive? For those that are not perfectly competitive, explain why. a. Restaurants b. Corn c. College education d. Local radio and television It should be atleast 2 to 3 word pages with work cited page
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