Week Four Introduction

In Week Four, you will begin" rel="nofollow">in your study of the various forms of competition in" rel="nofollow">in neoclassical theory- which this week will be ‘pure’ or ‘perfect’ competition (the two are used in" rel="nofollow">interchangeably) in" rel="nofollow">in both the short and long runs. It is essential to appreciate how the relevant assumptions behin" rel="nofollow">ind pure competition in" rel="nofollow">in the short and long run factor in" rel="nofollow">into the main" rel="nofollow">in aspects of each theory. You will learn how a busin" rel="nofollow">iness and the market determin" rel="nofollow">ines that quantity of output that will be produced in" rel="nofollow">in the short run as well as the long run. Perfect Competition - Short Run and Long Run Costs (15:34 min" rel="nofollow">in) (youtube) Handouts and Readin" rel="nofollow">ings: MBF Chapter 7 Side B: You will argue that the assumptions behin" rel="nofollow">ind pure competition are not plausible and therefore pure competition likely exists in" rel="nofollow">in the real world. Please argue this poin" rel="nofollow">int of view if your last name begin" rel="nofollow">ins with the letters A-M. The requirements and gradin" rel="nofollow">ing rubric will be the same from week to week; the requirements are listed below: • Your in" rel="nofollow">initial post should be between 300 - 425 words. Please complete your in" rel="nofollow">initial post by 11:59pm ET on Wednesday. • Your designated poin" rel="nofollow">int of view should be clearly stated within" rel="nofollow">in the first couple of sentence of your in" rel="nofollow">initial post. • You post should support your poin" rel="nofollow">int of view with at least three pieces of evidence drawn from this week's readin" rel="nofollow">ings and/ or authoritative in" rel="nofollow">internet resources. By 11:59pm ET on Sunday, you should have responded to two of your classmates. Please select two classmates who have argued the opposite poin" rel="nofollow">int of view from your own. Responses to classmates should be detailed, specific, and of at least 200 words.