Describe Perfect Competition in Terms of the Number of Competitors

question 131

Essay

Describe perfect competition in terms of the number of competitors, ease of entry into the market, similarity of goods/services offered by competing firms, and level of control over price by individual firms. Give an example of a purely competitive market or industry.

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Definitions:

Quantitative Variable

A variable with quantitative data.

Goals Scored

The number of times a goal is successfully made by a team or player in sports, notably in soccer or football.

Soccer Game

A team sport played between two teams of eleven players with a spherical ball, known globally and governed by a set of rules known as the Laws of the Game.

Categorical

Refers to variables that represent types of data which may be divided into groups.