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Posted: March 24th, 2024
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respond to student response below in 150 words, ensure you use atleast 1 reference
question
Perfect Competition is a model of which examples are few and far between. Yet economists love to discuss this model. Explain why.
student response
Although perfect competition rarely truly exists at any one point in the business world, economists love to discuss models using the theory of perfect competition. My hypothesis is that economists use the perfect competition theoretical model in order to explain other economic concepts. Without the use of the perfect competition model it would be nearly impossible to illustrate concepts such as supply and demand and price elasticity. In a marketplace where marketing and advertising is present, businesses do not always need to compete solely on the quality of their product. Instead, brand names and awareness can sometimes sway the decisions of a buyer. It would be difficult for an economist to explain such theories and ideas in this type of business landscape that is so multi-faceted. A perfect competition model removes all of the variables such as barriers to entry, marketing, brand recognition, and awareness. Therefore, everything else is eliminated to allow economic theory to have the forefront of the discussion for the time being.
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