https://padlet.com/acordero58/5kyriuq1r6v6gtzb A informational padlet. en-us 2023-05-11 17:01:54 UTC 2023-05-15 05:51:56 UTC hello@padlet.com https://padlet.net/icons/png/1f4a1.png acordero58 https://padlet.com/acordero58/5kyriuq1r6v6gtzb/wish/2588765980 Characteristic #1: The market has many buyers and many sellers.

Characteristic #2: All firms sell identical goods.

Characteristic #3: Buyers and sellers have relevant information about prices, product quality, sources of supply, and so on.

Characteristic #4: Firms have easy entry into and exit from the market.]]> 2023-05-12 14:10:40 UTC https://padlet.com/acordero58/5kyriuq1r6v6gtzb/wish/2588765980 acordero58 https://padlet.com/acordero58/5kyriuq1r6v6gtzb/wish/2588768881 Link to google form:
https://docs.google.com/forms/d/e/1FAIpQLScpMzynR9mD3OYkVKtlACGaXW-i4zF0LjYCLCKViQMDDjMYFg/viewform?usp=sf_link]]> 2023-05-12 14:13:03 UTC https://padlet.com/acordero58/5kyriuq1r6v6gtzb/wish/2588768881 acordero58 https://padlet.com/acordero58/5kyriuq1r6v6gtzb/wish/2588786900 Advantage #1: Knowledge is shared evenly between all the participating firms in the market.

Advantage #2: Due to no barriers to entry, the existing firms cannot exercise a monopoly.

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Disadvantage #1: Limited consumer choice.

Disadvantage #2: Lack of incentive for innovation.]]> 2023-05-12 14:26:04 UTC https://padlet.com/acordero58/5kyriuq1r6v6gtzb/wish/2588786900 acordero58 https://padlet.com/acordero58/5kyriuq1r6v6gtzb/wish/2589046185 2023-05-12 18:16:05 UTC https://padlet.com/acordero58/5kyriuq1r6v6gtzb/wish/2589046185 acordero58 https://padlet.com/acordero58/5kyriuq1r6v6gtzb/wish/2589046640 2023-05-12 18:16:37 UTC https://padlet.com/acordero58/5kyriuq1r6v6gtzb/wish/2589046640 acordero58 https://padlet.com/acordero58/5kyriuq1r6v6gtzb/wish/2589047121 2023-05-12 18:17:04 UTC https://padlet.com/acordero58/5kyriuq1r6v6gtzb/wish/2589047121 acordero58 https://padlet.com/acordero58/5kyriuq1r6v6gtzb/wish/2589067312 When enough sellers are present perfect competition is possible. Identical good with different prices give consumers variety and sense of quality. Prices are rarely shifting due to good revenue returns, it's a win-win for suppliers & consumers. Firms have a choice of entering or exiting perfect competition markets, giving new producers comfort and security for the long run.

Suppliers get their money and buyers get originality and good prices/good quality.]]> 2023-05-12 18:39:16 UTC https://padlet.com/acordero58/5kyriuq1r6v6gtzb/wish/2589067312 acordero58 https://padlet.com/acordero58/5kyriuq1r6v6gtzb/wish/2589078256 2023-05-12 18:50:27 UTC https://padlet.com/acordero58/5kyriuq1r6v6gtzb/wish/2589078256 acordero58 https://padlet.com/acordero58/5kyriuq1r6v6gtzb/wish/2589085613 2023-05-12 18:59:20 UTC https://padlet.com/acordero58/5kyriuq1r6v6gtzb/wish/2589085613 acordero58 https://padlet.com/acordero58/5kyriuq1r6v6gtzb/wish/2590769456 Learn about the characteristics shown in a Perfect Competition Market.

Once you've finished the video, answer the video-related poll in the next post!]]> 2023-05-15 05:49:45 UTC https://padlet.com/acordero58/5kyriuq1r6v6gtzb/wish/2590769456 acordero58 https://padlet.com/acordero58/5kyriuq1r6v6gtzb/wish/2590771928 2023-05-15 05:51:54 UTC https://padlet.com/acordero58/5kyriuq1r6v6gtzb/wish/2590771928