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Essay / Research Paper Abstract
This 10 page paper answers questions set by the student. The first part of the paper identifies an industry where there is almost perfect competition and discusses how and why it may be classified in this manner. The different forms of competition are then discussed along wit the way that they are regulated. The next part of the paper calculates average variable and total costs and discusses influences on prices and decisions to continue trading or to withdraw from a market. The bibliography cites 4 sources.
Page Count:
10 pages (~225 words per page)
File: TS65_TEbusecquest1.doc
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Unformatted sample text from the term paper:
of perfect competition serving markets with generally homogenous goods that are all perfect substitutes for each other sold in a market where there are many buyers and sellers. However, even
these markets may not be perfectly competition as there is not perfect knowledge for buyers and sellers, as this retains some asymmetries. However, when looking at the local environment it
may be argued that there are some others if you look carefully enough. One market that may come close to perfect competition is the market for fast food from
street vendors seen at major street and music festivals as well as the businesses areas of the city. In these venues there may be numerous sellers, a large number selling
hot dogs, as well as goods such as burgers. The foods, although not all exactly the same, are almost perfect substitutes for each other. The competitive environment itself provides
for easy access to buyers and sellers, entering it marketplace areas where many of the vendors are selling their goods it is not unusual to hear different shouts and see
a number of different boards are trying to attract buyers. The vendor is directly competing among themselves to attract different buyers, and a buyer may walk around before making a
choice looking at the different suppliers and their prices. As the product is one provided for short-term benefit, without the need for long-term contracts, there is also a negligible switching
cost for the customers. Vendors have been seen to reduce their prices when having difficulties maintaining sales and seeing other sellers with lower prices, so the market is determining the
prices. Likewise, buyers have been seen to look at one price and move to another supplier with a lower price. This indicates the high level of substitution between the different
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