This classroom activity is very popular in economics classrooms and mine, I’m afraid, is a take on an old favourite. I like to use tennis balls for this experiment, but anything will do - rubbers, board markers, calculators, just as long it is a homogeneous product.
This experiment works well and extremely quickly, with students understanding the concept of perfect competition very quickly and all of terms student need to know; supernormal profits, homogeneous goods, factors of production, barriers to entry, elasticity, demand, knowledge and profit maximisation, can easily be introduced.
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