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Running Head: MARKET STRUCTURES SOLUTIONS
Market Structures Solutions
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MARKET STRUCTURES SOLUTIONS
Market Structures
Perfect Competition
Defined by Amacher and Pate (2013, Ch. 9) is the market structure in which there are
many sellers and buyers, firms produce a homogeneous product, and there is free entry into and
exit out of the industry. Perfect competition is categorized by the fact that similar products are
produced. With this being the case, consumers have no tendency to buy one product over the
other because they are all the same. This structure is purely theoretical and represents an end of
the market structure. To illustrate a real-life example of perfect competition, I will use the
popular burger restaurants such as; McDonald’s, Burger King, and Wendy’s. All three
restaurants sell similar products and attempt to advertise their differences between them. In fact,
all three restaurants have incorporated a value menu as a w...