7.2 Action Required: Reading Read the following to prepare for this week: Surve
7.2 Action Required:
Read the following to prepare for this week:
Survey of Economics, Chapter 6: Perfect Competition
MIT OpenCourseWare video lecture series, “Competition I”
7.3 Test your Knowledge (Question):
Watch the following video(s), which you can access in the Weekly Media object or by clicking on the link(s) below: and answer the question.
Q1 Refer the video, in perfect competition, ‘firms are price taker’. With help of an example, explain how firms in perfect competition are price takers?
Answer the question in test your knowledge section.