ePortfolio Signature Assignment Part-3

Now that you have completed the ​Perfect Competition​ ​spreadsheet​ and ​graphed ​the
significant data, it is time to write the narrative reflection by answering the following questions:
1. What was the ​key factor​ that allowed you to determine which level of output
(production) was the most profitable level? Why is this the key factor? Explain how it is
used.
I looked at where the profit maximizing output was on the chart. To determine which was the
most profitable.
2. What was that ​level ​of production? Why was this the correct level vs one level before of
the level after?
8 is the best level of production because 7 is still rising and 8 is where it breaks een with 0 and 9
is when it starts its fall down.
3. Explain in your own words how this ​Key factor​ is calculated to determine the correct
level of production.
You need to divide the outputs with the inputs during its production process.
4. Explain why the ​market selling price​ for a Perfectly Competitive market structure
remains the same at all levels of production.

No one has control over one single price. They all sell an identical thing.

5. What are ​5 characteristics​ of the Perfectly Competitive market structure and how do
these characteristics differ from the Imperfect market structure or monopoly?
The market consists of buyers and sellers who are price takers.
Each firm in the market produces undifferentiated and homogenous products.
Buyers and sellers have perfect information about the price prevailing in the mark, about the
availability of commodities at any given point of time.
Firms can enter or exit the market freely.
Perfect knowledge of the market
This is a reflective narrative, not a bulleted statement. I’m looking to evaluate your
understanding and judgment.
Proper grammar, spelling, syntax is critical.
Use of 12pt Arial font requested. Double spaced. No maximum length but impossible to
complete in less than one page.