Questions for Review without Answers
Chapter 13. Competition Theory I. Perfect Competition
I. Basics
1) What are the criteria for perfect competition that of all of an industry's firms must fulfil?
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2) What are indicators of stiff competition in economic reality?
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3) Why do perfect competitors not compete?
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II. Perfect Competition and Economic Theory
4) Why do economists need the idea of perfect competition to build models?
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5) Which buyer-friendly conditions are the result of perfect competition?
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III. Perfect Competition and Economic Reality
6) Why are banking, hypermarkets and industries where tenders are common not really examples of perfect competition?
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7) Is e-business an example of perfect competition?
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IV. Ways of Avoiding Perfect Competition
8) How do suppliers reduce the number of competitors and competing products?
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9) What do they do to pretend product or producer variety or to impede comparison?
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V. An Excursus on Darwinism and Social Darwinism
10) Explain the historical linkage and theoretical analogies between social Darwinism and Darwinism.
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