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Perfect Competition Vs Monopoly

Perfect Competition Vs. Monopoly

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Title: Perfect Competition Vs. Monopoly

Essay Details:

Subject: Business

Author: Jessica M

Date: August 28, 2016

Level: University

Grade: A

Length: 4 / 942

Essay text:

The characteristics of perfect competition include: large number of buyers and sellers, easy entry to and exit from the market, homogeneous products, and the firm is the price taker. Many fast food franchises fit all or most of these characteristics. Competition within the industry as well as market supply and demand conditions set the price of products sold. For example, when Wendy’s introduced its $.99 value menu, several other companies implemented the same type of changes to their menu. The demand for items on Wendy’s value menu was so high because they were offering the same products as always, but at a discounted price...

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