Why Do You Suppose That "Reaction Functions" Are Not Used

question 18

Essay

Why do you suppose that "reaction functions" are not used in analyzing the market structure of perfect competition (or even monopolistic competition)? If you were to draw reaction functions for any home firm and any foreign firm engaged in perfect competition, what would the functions look like?

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Definitions:

External Ear

The outer portion of the ear, consisting of the auricle and the ear canal.

Middle Ear

The part of the ear located between the eardrum and the oval window, containing the three small bones that transmit sound vibrations.

Deafness

The condition of lacking the power of hearing or having impaired hearing.

Auricle

The outer part of the ear; also known as the pinna.