ECO 3028 ECO3028 Week 3 Individual Work (Everest University)
ECO3028 Week 3 Individual Work (Everest University)
Think about the term “perfect market”. Do they exist?
Even in farming, where the goods are basically identical, there is variation. In regards to vegetation: Was fertilizer used? What kinds? In what amounts? What were the weather patterns? How did weather patterns impact fertilizer? What was the soil composition? In regards to livestock? Were they free range? If so, what did their diets consist of? Did they receive feed? What was in the feed? Did they receive medication? Were they immunized?
So if perfect markets do not exists, what are we left with?