Characteristics of a Purely Competitive Market:

1: Identical or very similar products

2: No long-term barriers to entering or exiting the market

3: Sufficient information

4: A large number buyers and producers

5: No buyer or producer can influence the market

Choose some product or service that operates under Pure Competition.You can use an example that we discussed in class or, preferably, choose your own example.Be sure to tell me what product or service you are discussing so I can understand your answer.Now, pick two of the above characteristics of pure competition and explain its importance for the existence of a purely competitive market for the product or service that you selected.

What product or service are you discussing? ___________

Part 1: Which Characteristic are you discussing (1, 2, 3, 4 or 5)?___

explanation here:

Part 2: Which Characteristic are you discussing (1, 2, 3, 4 or 5)? ___

explanation here: