Question

1. Chapter 12 covers the topic of “perfect competition.” Two lecture videos pertaining to perfectly competitive markets, one about “price-taking perfectly competitive firms” and one about “perfectly competitive markets,” have been posted on our course website.

Agricultural markets in the U.S. are perhaps one of the closest markets to being perfectly competitive.

Attached to this homework is a book chapter on agricultural markets in the U.S. This book chapter was written by an economist and it uses “economic language” to describe how the economics of these markets.

Please review this book chapter, watch the two lecture videos posted on our course website (about Chapter 12), and read Chapter 12 of our textbook.

Then, please write a report that summarizes how agricultural markets in the U.S. can be viewed as nearly being perfectly competitive markets. Please use as much economic language as possible. Please do not just copy and paste materials from the above sources or materials from the internet. Instead, please carefully review the above sources, and then provide an explanation, using your own words, for why agricultural markets are pretty close to being perfectly competitive in your own words.

This report does not have a page minimum or a page maximum. Instead, the report will be graded on the basis of whether the report contains meaningful content.

Answer 1

Agricultural markets in the US will have huge growth based on the cultivation of crops and there are scarcity of agriculture because USA is the one of the most developred countries in the world and agriculture are given very less importance and more over 80% of the country are depending on nearby villages or they are also dependent on other countries for all the food products as cultivation of crops are happening on the rarest part and when it comes to the perfect competition agriculture is not really supportve and it is really dimnising and same thing is happening in other countries also and the gross domestic products and net domestic products are mainly the factors which plays a major role in the agriculutural industries and because of this agricultural markets are not really competitve in terms of agriculture and it is also moreover dependent on other countries for their resources and the americans are mainly focusing in developing the cities by constructing skyscrpaers and trees are also being cut and there are scarcity of water which is also a negetive factor for not getting proper agriculutural income.