In a competitive market, there are many buyers and sellers. The goods offered are largely the same, and firms can freely enter or exit the market. Buyers and sellers are both price takers. The amount of output produced determines the revenue of a firm.First, play the simulation game Production, Entry, and Exit in the MindTap environment. In this discussion, you will share your experiences playing that game. In the initial post, include the image (screenshot) of your simulation report in your response. Then, address the following questions:
Imagine you own your own business. Based on what you learned from the simulation, what factors would determine your entry and exit into a market?