What are the characteristics of a perfectly competitive market?

What are the characteristics of a perfectly competitive market?

Is the restaurant market in Richmond a good example of perfect competition? If not, describe how it deviates from the characteristics you listed in question 1. Sellers in the restaurant market include Joe’s Inn, Acacia, Savory Grain, Subway sandwich shops, etc. Consumers are people like you and me who dine in restaurants.

Is the market for residential electricity in Richmond a good example of perfect competition? If not, describe how it deviates from the characteristics you listed in question 1. The seller in the electricity market include Dominion Virginia Power. Consumers are people who live in houses or apartments.

Is the automobile manufacturing market in the world a good example of perfect competition? If not, describe how it deviates from the characteristics you listed in question 1. Sellers in the automobile manufacturing market include General Motors, Ford, Volvo, Toyota, Nissan, etc. Consumers are automobile dealers like Whitten Brothers, Hyman Brothers, Haley Ford, etc.

Assume that the market for durum wheat is perfectly competitive and that the equilibrium price is $5 per bushel and the equilibrium quantity is 100 Trillion bushels per year. Assume that market price equals the equilibrium price.

1. Sketch the supply and demand for the market for durum wheat .

2. Sketch the demand curve facing an individual midwest wheat farmer who sells an average of 1000 bushel per year.