In your own words, answer this unit's discussion questions in a main post (recommended minimum 200 words)

Assignment Details

Please draw on your experiences and what you have observed to address the following questions and topics.

Choose a market for a good in your area that seems to be a perfectly competitive market. Perfect competition is useful in analyzing real-world markets, even though there are very few, if any, that match the characteristics of the perfect competition model. Answer the following questions to describe the market, and describe how competitive the market you have chosen is:

1. What good or service is provided in this market?
2. Who are the buyers and who are the sellers in the market?
3. Are there many sellers in the market?
4. Are there very many substitutes for the good or service?
5. If the store where you usually buy this item raised its prices, would you go to another store or switch products? Explain.
6. Do you think that this a competitive market? Explain.

respond to at least 2 peers' postings (recommended minimum 75 words).

((peer post 1))

I am currently living in Germany, in a small village called Sembach, within this village there are a lot of farmers around and most of them grow the same crops, which are strawberry, apple, black berry, and more. The main buyers for this goods are usually the local grocery stores as well as the people living in the community. The seller of the goods are farmers that also live in the community and there are quite a few of them that compete with each. And in a situation where the price of these goods goes up with one farmer or store, the buyers have the option to buy from other farmer or stores with a cheaper price. But in a competitive market, the sellers can not dictate the price, the market determine the price. And this market in this community is definitely a competitive market because there are numbers of farmers and stores that are selling the same or similar goods.

((peer post 2))

The good that I would like to talk about are lactose free options for milk. The brand that I am going to highlight is FairLife milk. This particular milk is new to the market in the last year and a half or so. I find that this particular milk tastes more like regular milk than the other options.

There are a lot of people who are lactose intolerant. There are also people who just choose to take the healthier option. You have oat milk, rice milk, lactose free milk, almond milk, and soy milk. There are hundreds of manufacturers that produce and sell the types of lactose free milks mentioned above, some of the favorites are Silk, Almond Breeze, Chobani, and not to mention the store brand. Again, there are a large number of substitutes available for lactose free milk options.

Now, to answer your question about the raising of prices the answer would be; I would go to another store. I say this because I started buying FairLife milk from Kroger which raised their price from $3.49 to $4.49, I found the FairLife milk for $3.79 at ALDI. So I buy the same milk but at a different store. If FairLife were to stop making milk on the other hand I would turn to the Lactaid milk brand which almost taste the same but has a little more water in it. The options that they have for lactose free milk is very, very competitive. The almond milk and the Oat milk is actually more less expensive than the FairLife milk that I buy. also remember the store brand of any of these option is always going to be cheaper.

please label peer post 1 and 2 feedbacks.