Homework Answers
Answer
Option b
very elastic
the demand is very elastic so the firms operate like in perfectly competitive to not reduce the demand for the firm and sell at almost the market price and do not change it.
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A few sellers may behave as if they operate in a perfectly competitive market if the...
In a market with many buyers and sellers of a good, where the product sold is...
In a market with many buyers and sellers of a good, where the product sold is identical across firms the industry demand curve is perfectly elastic O the industry demand curve is perfectly inelastic O the demand curve for each firm's output is perfectly inelastic the demand curve for each firm's output is perfectly elastic O
mary sellers le. A perfectly competitive industry an has many buyers and many sellers, but there...
mary sellers le. A perfectly competitive industry an has many buyers and many sellers, but there might be only one or two buyers b. has c. has many buyers, but there might be only one or on two sells d. has one firm that sets the price for the others to follow
A perfectly competitive firm faces a: Question 6 Not yet answered Points out of 1.00 Select...
A perfectly competitive firm faces a: Question 6 Not yet answered Points out of 1.00 Select one: a. perfectly elastic demand function. b. None of the answers is correct. c. perfectly inelastic demand function. p Flag question • d. demand function with unitary elasticity.
1. Markets and competition In a perfectly competitive market, all producers sell Because of these two...
1. Markets and competition In a perfectly competitive market, all producers sell Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price goods or services. Additionally, there are buyers and sellers. True or False: The market for public utilities, like gas and electricity, does not exhibit the two primary characteristics that define perfectly competitive markets. O True O False identical very different few many We were unable to transcribe this image
One of the defining characteristics of a perfectly competitive market is a. a small number of...
One of the defining characteristics of a perfectly competitive market is a. a small number of sellers. b. a large number of buyers and a small number of sellers. c. a similar product. d. significant advertising by firms to promote their products.
1. Assumption for a Perfectly competitive firm include a Homogeneous product a several sellers and [...
1. Assumption for a Perfectly competitive firm include a
Homogeneous product a several sellers and [ Select ]
["unique", "Many Many", "few few", "3-4"] buyers easy
entry and exit.
2. Perfectly competitive firms are known as Price Takers because
they [ Select ] ["have pricing power", "have minimal
pricing power", "have very little pricing power", "have no pricing
power"] which means they[ Select ] ["should
advertise less", "have no incentive", "ought to advertise", "must
advertise more"] to advertise
3. The...
QUESTION 20 A price floor in a perfectly competitive market O a.creates more harm for sellers...
QUESTION 20 A price floor in a perfectly competitive market O a.creates more harm for sellers than gain for buyers O b. creates more harm for buyers than gain for sellers O c. is a Pareto improvement O d. can turn an inefficient outcome into an efficient outcome e. is effective only it is set at the equilibrium price
Which of the following is not a characteristic of the perfectly competitive market? A. Firms are...
Which of the following is not a characteristic of the perfectly competitive market? A. Firms are price setters B. Firms can easily enter and exit the market C. All firms produce identical products D. There are many buyers and sellers in the market
A market demand curve specifies the determinants of individual demand. Select one: 0 True If a...
A market demand curve specifies the determinants of individual demand. Select one: 0 True If a competitive firm is producing a level of output where marginal revenue exceeds marginal cost, the firm could increase profits if it: Select one: O a. Decreased production b. Increased production C Temporarily shut down d. Maintained production at the current level In a competitive market, both buyers and sellers are price takers. Select one: O True O False if a competitive firm is producing...
The demand curve faced by the individual perfectly competitive firm is: a. perfectly elastic. b. perfectly...
The demand curve faced by the individual perfectly competitive firm is: a. perfectly elastic. b. perfectly inelastic. c. unit elastic. d. elastic or inelastic depending on price.
In a market with many buyers and sellers of a good, where the product sold is identical across firms the industry demand curve is perfectly elastic O the industry demand curve is perfectly inelastic O the demand curve for each firm's output is perfectly inelastic the demand curve for each firm's output is perfectly elastic O
mary sellers le. A perfectly competitive industry an has many buyers and many sellers, but there might be only one or two buyers b. has c. has many buyers, but there might be only one or on two sells d. has one firm that sets the price for the others to follow
A perfectly competitive firm faces a: Question 6 Not yet answered Points out of 1.00 Select one: a. perfectly elastic demand function. b. None of the answers is correct. c. perfectly inelastic demand function. p Flag question • d. demand function with unitary elasticity.
1. Markets and competition In a perfectly competitive market, all producers sell Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price goods or services. Additionally, there are buyers and sellers. True or False: The market for public utilities, like gas and electricity, does not exhibit the two primary characteristics that define perfectly competitive markets. O True O False identical very different few many We were unable to transcribe this image
1. Assumption for a Perfectly competitive firm include a
Homogeneous product a several sellers and [ Select ]
["unique", "Many Many", "few few", "3-4"] buyers easy
entry and exit.
2. Perfectly competitive firms are known as Price Takers because
they [ Select ] ["have pricing power", "have minimal
pricing power", "have very little pricing power", "have no pricing
power"] which means they[ Select ] ["should
advertise less", "have no incentive", "ought to advertise", "must
advertise more"] to advertise
3. The...
QUESTION 20 A price floor in a perfectly competitive market O a.creates more harm for sellers than gain for buyers O b. creates more harm for buyers than gain for sellers O c. is a Pareto improvement O d. can turn an inefficient outcome into an efficient outcome e. is effective only it is set at the equilibrium price
A market demand curve specifies the determinants of individual demand. Select one: 0 True If a competitive firm is producing a level of output where marginal revenue exceeds marginal cost, the firm could increase profits if it: Select one: O a. Decreased production b. Increased production C Temporarily shut down d. Maintained production at the current level In a competitive market, both buyers and sellers are price takers. Select one: O True O False if a competitive firm is producing...
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