How would you define a perfectly competitive market?

How would you define a perfectly competitive market? Use an example to explain how you would apply the concept of ceteris paribus (holding all else equal) in such a market.

How would you define diminishing marginal benefits? Using the examples below, explain if it is possible to experience diminishing marginal benefits.

a. You are an ardent fan of animated movies. Are you going to be as excited for the eighth animated movie released in a given year (such as Wonder Woman or Spiderman) as you are when the first is released in the same year?

b. You are a foodie (a person who loves eating quality food), and in your spare time you blog about new restaurants opening in localities near you. If 10 new places open up in a short period around your block, what is your possible level of enthusiasm for it?

c. You love driving and owning fast sports cars. Will buying an extra unit of such cars have increasing or diminishing returns for you?


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