(Answered) Demonstrate your understanding of the conditions that exist

Economics

Demonstrate your understanding of the conditions that exist in perfectly competitive markets by answering the following questions:

(a) Which of the following firms compete in a perfectly competitive market or a market that closely approximates perfect competition?

i. Verizon Wireless

ii. Swaz Potato Farms

iii. Alcoa Aluminum

iv. Gucci

(b) Why does it make no sense for the managers of a perfectly competitive firm to spend money on advertising?

(c) No matter how many soft drinks you buy, you have no effect on the price of soft drinks. Is this industry perfectly competitive? Explain why or why not.

(d) Give three examples of products or firms protected by barriers to entry. Describe the barrier to entry for each example.

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Business Economics, Economics

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