Perfect Competition Vs. Monopoly

Essay specific features

 

Issue:

Business

 

Written by:

Hillary W

 

Date added:

September 13, 2015

 

Level:

University

 

Grade:

A

 

No of pages / words:

4 / 942

 

Was viewed:

4121 times

 

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Essay content:

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...
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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. This change in market demand basically forced Wendy’s competition to lower prices of items on their menu, in order to maintain their share of the market...
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