Earlier, I was admiring a framed portrait of my grandparents’ farm. I realized that the
market for the corn they produce would be an example of pure competition. This is because
there are a large number of other farms that are producing basically an identical product; there
is virtually no difference between the corn that each farm is producing. One downside to this is
that it makes these corn farmers price takers, meaning they cannot change the market price,
they can only adjust to it. However, it is easy for corn farmers to enter and exit this purely
competitive market.
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