https://padlet.com/lt300536/lnamu865jnlz Laura Torres en-us 2019-02-21 20:36:16 UTC 2019-02-25 16:15:32 UTC hello@padlet.com lt300536 https://padlet.com/lt300536/lnamu865jnlz/wish/333910293 Pure competition needs three necessary conditions:
Very large numbers, identical products, and freedom of entry and exit.

]]> 2019-02-21 20:44:58 UTC https://padlet.com/lt300536/lnamu865jnlz/wish/333910293 lt300536 https://padlet.com/lt300536/lnamu865jnlz/wish/333917699 Agriculture markets, sell corn, potatoes, tomatoes, and many more products. The sellers are unable to decrease the price of the product because its available by other competitors, and there is a wide demand for the products because consumers are not able to decrease it.  ]]> 2019-02-21 20:57:00 UTC https://padlet.com/lt300536/lnamu865jnlz/wish/333917699 lt300536 https://padlet.com/lt300536/lnamu865jnlz/wish/333923480 Another example is gold. Gold itself is very expensive, gold mining is actually not a very profitable business because there are so many different companies selling gold, they're all trying to undercut each other's prices. Gold markets are closely linked to financial markets that we can actually watch the global price of gold rise and fall. ]]> 2019-02-21 21:08:51 UTC https://padlet.com/lt300536/lnamu865jnlz/wish/333923480 lt300536 https://padlet.com/lt300536/lnamu865jnlz/wish/334204760 A monopolistic competitive industry has the following features:
-Many firms.
-Freedom of entry and exit
-Firms produce differentiated products.
-Firms have price inelastic demand; they are price makers because the good is highly differentiated 
-Firms make normal profits in the long run but could make super normal profits in the short term
-Firms are productively inefficient.]]> 2019-02-22 16:19:16 UTC https://padlet.com/lt300536/lnamu865jnlz/wish/334204760 lt300536 https://padlet.com/lt300536/lnamu865jnlz/wish/334209755 Nike is an example of monopolistic competition because they have the aspects that a perfect competition has, except their products are not exactly like their competitors such as Adidas and Under Armour. Product differentiation is the perceived differences between competing products in the same industry. ]]> 2019-02-22 16:27:17 UTC https://padlet.com/lt300536/lnamu865jnlz/wish/334209755 lt300536 https://padlet.com/lt300536/lnamu865jnlz/wish/334214501 The clothing industry is a monopolistically competitive because it is comprised of different kinds of brands and companies. They are defined by it's quality of make and materials used. ]]> 2019-02-22 16:35:52 UTC https://padlet.com/lt300536/lnamu865jnlz/wish/334214501 lt300536 https://padlet.com/lt300536/lnamu865jnlz/wish/334350795  Is when the market or industry is dominated by a small number of large sellers. ]]> 2019-02-22 21:44:50 UTC https://padlet.com/lt300536/lnamu865jnlz/wish/334350795 lt300536 https://padlet.com/lt300536/lnamu865jnlz/wish/334351064 The auto industry consists mainly of three major firms, General Motors, Ford, and Chrysler.  The auto industry has only a few producers who produce a differentiated product. ]]> 2019-02-22 21:46:14 UTC https://padlet.com/lt300536/lnamu865jnlz/wish/334351064