I’m already familiar with elasticity of demand and Giffen goods. You don’t need perfect competition for the Law of Demand to hold. You are merely muddying the waters to confuse people.
lol, yeah that’s the ticket. Pointing out to people that ‘perfect competition’ is assumed in simple modeling is “muddying the waters”.
Here, I’ll let investopedia add to their confusion:
“Real-world competition differs from the textbook model of perfect competition in many ways. Real companies try to make their products different from those of their competitors. They advertise to try to gain market share. They cut prices to try to take customers away from other firms. They raise prices in the hope of increasing profits. And some firms are large enough to affect market prices. But the perfect competition model is not an ideal that we should try to achieve in the real world.”
“Perfect competition is a theoretical market structure. It is primarily used as a benchmark against which other, real-life market structures are compared. The industry that most closely resembles perfect competition in real life is agriculture.”
http://www.investopedia.com/terms/p/perfectcompetition.asp