7.1+Questions

1. A perfectly competitive market is one with a large number of firms all producing essentially the same product. No single firm influences frices. 2. Start- up costs are intimidating because the owner has to pay money before the product even hits the market. 3. a barrier to entry in the magazine market would be the number of competitors 4. Perfect markets have to have commodities because they all have to have the same product. 5. white socks are closest because their are a lot of companies all producing the same product.