Does Perfect Competition Exist?
Using the three characteristics of a perfectly competitive market- firms are price takers, all firms produce a homogeneous or perfectly standardized commodity, and entry and exit are unrestricted. Analyze the market in which a company of your choice operates. Address each characteristic. Does it meet these requirements? If so, how? If not, why not?
Hint: Keep in mind the title of the Discuss question. That should be a clue to how you will answer about your firm.