The Characteristics and Performance of Perfectly Competitive Firms

Although very few industries meet every characteristic of perfect competition, the perfectly competitive model is important because it sets the standard for efficiency that is used to measure performance in other industries. The extent to which an industry fails to meet the criteria for perfect competition is an indicator of how much it fails to efficiently use and allocate resources.

Wewill identify an industry and one or more of its characteristics that fail the test of perfect competition.We will explain the implications in terms of output and pricing decisions.

Please, review these resources below:

Production cost. In Boundless economics.

https://courses.lumenlearning.com/boundless-economics/chapter/production-cost/

Types of Costs of Production

https://quickonomics.com/types-of-costs-of-production/

Perfect competition http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=perfect+competition,+efficiency

Perfect competition - Video https://www.youtube.com/watch?v=_NznT4Cn8As&ab_channel=KhanAcademy

Introduction to the Competitive Firm

https://www.youtube.com/watch?v=muFSypea2vo&ab_channel=MarginalRevolutionUniversity

Please, think of an industry that has several characteristics of perfect competitionbut not all of them.

Help me how to describe your selected industry, and identify characteristics of the industry that are consistent with the definition of perfect competition and those that are not.

And explain how the industry's cost structure affects pricing decisions, entry, and exit. Specifically, how similar do you think a firm's pricing and output decisions would be compared to a perfectly competitive industry?

*** I want reference at leasttwo scholarly sourcesto support statements as well as specific examples from own experience.(including above resources)

Example:David(2021) I need a help -www.abc.com/aaa111