There are two questions to this problem set please answer both:

1.)

Which of the following is the most likely reason why the following market is most likely not a perfectly competitive market: market for electricity. )Barriers to entry: the scarcity of the resource makes it more expensive for potential entrants. Asymetric information between buyers and sellers on the products involved in this market. ()It is less costly for this industry to be run by a few select firms.Which of the following is the most likely reason why the following market is most likely not a perfectly competitive market: market for used cars. )It is less costly for this industry to be run by a few select firms. Barriers to entry: the scarcity of the resource makes it more expensive for potential entrants. Asymetric information between buyers and sellers on the products involved in this market