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Description of The Perfectly Competitive Model

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Respond to the following:

a. A colleague says to you: "The perfectly competitive model is not very useful for managers because very few markets in the U.S. economy are perfectly competitive."

i. Do you agree with this statement? Explain.
ii. Regardless of whether you agree or not, what lessons can managers learn by studying perfectly competitive markets?

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Solution Preview

a. A colleague says to you: "The perfectly competitive model is not very useful for managers because very few markets in the U.S. economy are perfectly competitive."
i. Do you agree with this statement? Explain.
ii. Regardless of whether you agree or not, what lessons can managers learn by studying perfectly competitive markets?

i. This statement is partially true. ...

Solution Summary

This solution discusses partial truth of perfectly competitive models in U.S. markets and the value of studing the model in 192 words.

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