https://padlet.com/mhallenb/9yvrlunvocph8uk9 en-us 2022-11-03 18:01:33 UTC 2022-11-03 23:16:50 UTC hello@padlet.com mhallenb https://padlet.com/mhallenb/9yvrlunvocph8uk9/wish/2368928803 2022-11-03 18:02:56 UTC https://padlet.com/mhallenb/9yvrlunvocph8uk9/wish/2368928803 mhallenb https://padlet.com/mhallenb/9yvrlunvocph8uk9/wish/2368929768 2022-11-03 18:03:36 UTC https://padlet.com/mhallenb/9yvrlunvocph8uk9/wish/2368929768 mhallenb https://padlet.com/mhallenb/9yvrlunvocph8uk9/wish/2368931697 2022-11-03 18:04:57 UTC https://padlet.com/mhallenb/9yvrlunvocph8uk9/wish/2368931697 mhallenb https://padlet.com/mhallenb/9yvrlunvocph8uk9/wish/2368937397 -As a business who sells coffee beans our market has many people, or firms who will buy the good from us, there are also many buyers in our market who are willing to buy the beans from us
-All of the other businesses who sell coffee beans are selling identical products as us, which also tells our buyers that they will get the same information from us as all other coffee bean firms
-It is really easy to enter the perfect competition market, there are no barriers to enter or exit the market


]]> 2022-11-03 18:08:55 UTC https://padlet.com/mhallenb/9yvrlunvocph8uk9/wish/2368937397 mhallenb https://padlet.com/mhallenb/9yvrlunvocph8uk9/wish/2368941749 Coffee traders
-since there are many firms that sell the same product all prices are about the same throughout the market for coffee beans. If the price was increased it would be hard to sell]]> 2022-11-03 18:11:57 UTC https://padlet.com/mhallenb/9yvrlunvocph8uk9/wish/2368941749 mhallenb https://padlet.com/mhallenb/9yvrlunvocph8uk9/wish/2369168685 1) In a perfectly competitive market a seller cannot and will not sell the product for a price higher than the equilibrium price, since the equilibrium price is set by the market, sellers are price takers 
2) In a perfectly competitive market (coffee bean market) a producer will supply the quantity of output at which marginal revenue (MR) is equal to marginal cost (MC)]]> 2022-11-03 21:49:06 UTC https://padlet.com/mhallenb/9yvrlunvocph8uk9/wish/2369168685 mhallenb https://padlet.com/mhallenb/9yvrlunvocph8uk9/wish/2369169220 2022-11-03 21:50:00 UTC https://padlet.com/mhallenb/9yvrlunvocph8uk9/wish/2369169220 mhallenb https://padlet.com/mhallenb/9yvrlunvocph8uk9/wish/2369177871 2022-11-03 22:03:39 UTC https://padlet.com/mhallenb/9yvrlunvocph8uk9/wish/2369177871 mhallenb https://padlet.com/mhallenb/9yvrlunvocph8uk9/wish/2369181384 -there are no barriers to entry [nobody can tell me that I am not allowed to be a part of the coffee bean market, since there are no barriers anyone is allowed]
-no need to spend money on advertising [Since there is always a need for this product, I would never need to advertise in any way to get people to purchase my coffee beans]

]]> 2022-11-03 22:08:15 UTC https://padlet.com/mhallenb/9yvrlunvocph8uk9/wish/2369181384 mhallenb https://padlet.com/mhallenb/9yvrlunvocph8uk9/wish/2369184296 -Selling above equilibrium price won't work [Since my coffee beans are identical to another person's I could not get away with selling my coffee beans for any price above equilibrium price, since people could get the same item for cheaper]
-limited customer choice [Because all items are identical in the coffee bean business, this takes away the chance for choice for sellers which can make it harder to sell the product]]]> 2022-11-03 22:11:52 UTC https://padlet.com/mhallenb/9yvrlunvocph8uk9/wish/2369184296 mhallenb https://padlet.com/mhallenb/9yvrlunvocph8uk9/wish/2369198519 2022-11-03 22:34:42 UTC https://padlet.com/mhallenb/9yvrlunvocph8uk9/wish/2369198519