What Assumptions Are Necessary for a Market to Be Perfectly

question 275

Essay

What assumptions are necessary for a market to be perfectly competitive? Explain why each of these assumptions is important.

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Definitions:

Diffusion of Innovation

A theory that explains how, why, and at what rate new ideas and technology spread through cultures.

Daily Specials

Unique or discounted items or services offered on a particular day, often used by restaurants or retailers to attract more customers or promote certain products.

Innovators

Those buyers who want to be the first to have the new product or service.

Mammography Equipment

A specialized form of imaging equipment used to examine the breast tissue for signs of cancer or other abnormalities.