Microeconomics-Pure Competition in the Short Run


  1. Watch: https://www.youtube.com/watch?time_continue=1&v=84gJUwgQcno
  2. Minimum 400 words; to use all the bolded key concepts highlighted in the question; no spelling/grammar errors. ALL parts of the Chapter question is answered . All parts of Chapter 10 prompt must be answered.
    3.a) If you were a producer, would you prefer to operate under perfect competition or some other product market (e.g. monopoly, oligopoly, monopolistic competition)?
    b) Indicate your product in the SUBJECT LINE.
    c) Explain your rationale using at least 3 characteristics of the chosen product market.
    Bold the 3 characteristics.
    d) Self-reflection: What is the your learning lesson from your example? Do explain.

Sample Solution