Perfect Competition
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A colleague says to you: â??The perfectly competitive model is not very useful for managers because very few markets in the U.S. economy are perfectly competitive.â?
-Do you agree with this statement? Explain.
-Regardless of whether you agree or not, what lessons can managers learn by studying perfectly competitive markets?
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Solution Summary
Whether or not the perfectly competitive model is useful to managers is answered and the reasons why or why not are given. The lessons managers can learn by studying perfectly competitive markets are also given.
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I agree that there are very few markets in the U.S. that are perfectly competitive. But, I don't agree that the competitive model is not very useful to managers. Managers can learn many lessons from the perfectly competitive ...
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