Ex 1.6 Read the information in the table. Fill in the last column. Compare your ideas with the other groups.
Read the information in the table, analyze it. Write your answers with the content for the last column.
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Feature |
Perfect market |
Construction and real estate market |
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Number of buyers and sellers |
Many buyers and sellers; No monopoly, oligopoly or monopolistic competition. |
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Free entry and exit |
Free entry and exit to and from the market. |
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Product knowledge and market exchange |
Buyers and sellers are highly knowledgeable; The exchange takes place with ease. |
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Product and service homogeneity |
The product or service offered is identical to the product or service offered by other firm. |
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Mobility |
Products can be transported to capitalize on more lucrative markets. |
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Size and frequency of purchase |
The item purchased is small and relatively inexpensive; It is purchased frequently. |
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Government’s role |
Government plays little, if any, role. |
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Prices |
Prices are established by the smooth action of supply and demand. |
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