Perfect Competition

Discuss how the facts in the potato industry case (article links below) illustrate the lack of control over prices by individual potato producers in a competitive market. Also, discuss the response to high prices predicted by the model of perfect competition and the attempts by producers in a competitive market to gain control over price. Check recent business publications to find out how successful the United Potato Growers of America cooperative has been in recent times. Suggested readings: https://www.nytimes.com/1997/04/12/business/competitive-forces-threaten-to-knock-idaho-from-top.html https://www.rd.usda.gov/files/CoopMag-mar05.pdf (only page 4-7 on the potato industry) https://www.hcn.org/issues/352/17171 http://www.competitioneconomics.com/wp-content/uploads/2017/03/Williams-Zhao-Williams-The-OPEC-of-potatoes-2017.pdf

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