Highly Competitive Markets 🍏

🎯 Learning Targets

• Define perfect competition
• Define monopolistic competition
• Explain how sellers differentiate their products under monopolistic competition

⏰ What We Did

• Distributed and discussed the checklist for the first Economics Binder Check
• Distributed and discussed a handout on perfect and imperfect competition
• Used the instructional notes from Lesson 2, Part 5 to answer the following questions in complete sentences:

1. Define perfect competition, buyer, seller, monopoly, monopolistic competition, differentiate, product differentiation, and non-price competition.
2. What four conditions must exist for a market to be perfectly competitive?
3. How does monopolistic competition differ from perfect competition?
4. How do sellers in monopolistic competition compete with one another?

⚙️ Resources

• Perfect vs. Imperfect Competition (H-1)
• Economics Binder Portal (W 26 Feb 2025)

💻 Homework

• Watch and take notes on Lesson 2, Part 6: Imperfectly Competitive Markets, before class tomorrow