02 May What are the main characteristics of a perfectly competitive market that causes buyers and seller
What are the main characteristics of a perfectly competitive market that causes buyers and sellers to be price takers? Explain your answer.
■ “The perfectly competitive model is not very useful for managers because very few markets in the U.S. economy are perfectly competitive.
” Do you agree with this statement? Explain.
Regardless of whether you agree, 18 what lessons can managers learn by studying perfectly competitive markets?
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