A perfect market is a market situation where there are large number of buyers and sellers dealing in a homogeneous product at a price fixed by the market. The goods are sold at uniform price and is fixed by the industry and not by any particular firm.
The Dynamics of Perfect Markets Questions and Answers
On this page we are Discussing about Dynamic Of Perfect Markets Questions and Answers.
Activity 1
Study the diagram below and answer the questions that follow.
- Define the concept market structure. (2)
- How many sellers will one find in a monopoly market? (2)
- In what market are all participants price-takers? Motivate your answer. (4)
- Explain the shape of the individual demand curve under perfect competition. (4)
- Under which market structure will you place the following businesses?
- KFC
- Eskom
- Vodacom (6)
- Explain in your own words the message behind the pie-charts shown above. (4)
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Answers to activity 1
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