5. Mat ea item in Column A with an example in Column B. Column A a. Condition...

5. Mat ea item in Column A with an example in Column B.

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Column A a. Condition for perfect competition b. Business perspective on competition c. Consumer perspective on competition d. Type of profit equal to zero at the perfectly competitive market equilibrium e. Type of profit that is still positive at the perfectly competitive market equilibrium f. Network externality g. Path dependence h. Economists' perspective on competition Column B 1. Accounting profits 2. I buy an iPhone because everyone else has iPhones 3. Competition drives prices lower, leading to bargain opportunities 4. History matters 5. Economic profits 6. A lack of market power can lead to efficiency 7. The goal is to reduce or eliminate competition 8. Each firm is a price taker