Instructions

What markets approximate perfectly competitive markets? Which firms do you view as price takers and which do you view as price setters? Is the competitive equilibrium efficient? (Economics is very clear.) Is it fair? (Economics is not very clear.) How does demand for bread affect its price in the short run? Does demand for bread have an impact on the price of bread in the long run?

Possible prompts for Module 12: What’s the difference between the pizzeria in HW 3.2 and Apple in HW 2.4? Do firms really earn zero profits? Is perfect competition more fair than monopoly? Is pizza a homogeneous good? Are most pizzerias price takers? Does the efficiency of perfectly competitive markets explain the hockey stick curve in GDP per capita?

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