One of the assumptions of perfect competition is "Perfect Information." This discussion is designed to help you determine whether this is a strong assumption.

1. Does the media present unbiased information? Why does the media choose to present the information in the way they do?
2. Let's assume for a moment that the media is unbiased. In this world, why would a story about a man biting a dog be more likely to be presented than a dog biting a man?
3. For this question, use the mortality data from the United States at this (Links to an external site.) website. Select Unintentional under "Intent of Death" and Firearm under "Mechanism of Death." For the age group, use children between the ages of 0 and 9. Select the year 2020. How many children between 0 and 9 died of unintentional firearm deaths?
4. At the same website and the same year, look up the number of "unintentional" "drowning" deaths for children between the ages of 0 and 9. What is the number?
5. Are you surprised at all? Based on you experience in this discussion, what does this have to say about the assumption in perfect competition of "perfect information"?