Homework Answers
In perfect competitive market there are-
1 large number of sellers and buyers in the market
2 price is decided by the market forces not by the buyers and the suppliers.
3.There is no barrier to entry and exit in the market 4.products are homogeneous and standardized. and 5.The demand curve is horizontal nature or we can say that perfect elastic in nature.
so all of the options are true.
Option D is true
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In pure or perfect competition: OA. there are no barriers to entry B. firms are producing...
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The demand schedule or curve confronted by the individual purely competitive firm is: 1. relatively elastic, that is, the elasticity coefficient is greater than unity. 2. perfectly elastic. 3. relatively inelastic, that is, the elasticity coefficient is less than unity. 4. perfectly inelastic. Which of the following is not a characteristic of pure competition? 1. price strategies by firms 2. a standardized product 3. no barriers to entry 4. a larger number of sellers
a K notes 7/28 zoom- 1. A characteristic of a perfect competition industry a many firms,...
a K notes 7/28 zoom- 1. A characteristic of a perfect competition industry a many firms, producing exact same goods b a few firms producing identical goods 2. What are the restrictions to entry in a perfect Competition industry? perfect competitim industry has no restrictions entry 3. For a perfectly competitive firm firm price is a. always less than marginal cost b. equal to marginal revenue c. always greater than marginal cost d. None to
What are the major sources of economic profit? Oa. certainty, monopolistic competition, and inelastic supply. Ob. competition, perfect information, and elasticity of market demand. oc. barriers...
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1. The four market structures are and firms are producing a firms are produc 2. Perfect...
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The world of imperfect competition O A. lies between the extremes of perfect competition and monopoly....
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A monopoly is the single supplier of a product with no a. barriers to entry b....
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All of these are necessary for perfect competition, EXCEPT: O differentiated products. O no barriers to market entry or...
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Which of the following conditions distinguishes monopolistic competition from perfect competition?
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Help with #2 please. 2. Which explains why individual firms under pure competition would not find...
Help with #2 please.
2. Which explains why individual firms under pure competition would not find it beneficial to advertise their product? A. Firms produce a standardized/homogeneous product. B. The quantity of the product demanded is very large. C. The market demand curve cannot be increased. D. Firms do not make long-run profits.
Question Completion Status: QUESTION 1 Which of the following characterizes monopolistic competition? Many firms, each producing...
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a K notes 7/28 zoom- 1. A characteristic of a perfect competition industry a many firms, producing exact same goods b a few firms producing identical goods 2. What are the restrictions to entry in a perfect Competition industry? perfect competitim industry has no restrictions entry 3. For a perfectly competitive firm firm price is a. always less than marginal cost b. equal to marginal revenue c. always greater than marginal cost d. None to
What are the major sources of economic profit? Oa. certainty, monopolistic competition, and inelastic supply. Ob. competition, perfect information, and elasticity of market demand. oc. barriers to entry, uncertainty, and entrepreneurial alertness. Od. externalities, inflation, and size of firm. The procedure used to calculate the present value of future income is called Oa. indirect production. O b. investment tax shelter planning. Oc. discounting. d. amortizing. If the interest rate is 5 percent, the net present value of $200 to be...
1. The four market structures are and firms are producing a firms are produc 2. Perfect competition is a market structure in which - - product and entry is 3. Monopolistic competition is a market structure in which ing a product and entry is 4. Oligopoly is a market structure in which product and entry is - 5. Monopoly is a market structure in which firms are producing a firm supplies a product and entry 6. Oligopoly is the only...
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A monopoly is the single supplier of a product with no a. barriers to entry b. close substitutes c. established price d. limit to supply over the relevant range of output with declining average total costs. In a natural monopoly, a firm has a. illegal barriers b.twenty-year patents c. pure competition d. economies of scale How does the demand curve for a product in a pure monopoly compare to the demand curve for the industry? a. They are the same....
All of these are necessary for perfect competition, EXCEPT: O differentiated products. O no barriers to market entry or exit. O no control over price. O many buyers and sellers. One of the innovations that helped globalization was: o the development of currency controls. O an increase in market demand. O a recognition that proprietors and firms were not perfectly rational with the result of relaxation of price controls. O a reduction in transaction costs due to containerization. (Table) Based...
Help with #2 please.
2. Which explains why individual firms under pure competition would not find it beneficial to advertise their product? A. Firms produce a standardized/homogeneous product. B. The quantity of the product demanded is very large. C. The market demand curve cannot be increased. D. Firms do not make long-run profits.
Question Completion Status: QUESTION 1 Which of the following characterizes monopolistic competition? Many firms, each producing a particular version of a product. Many firms selling an identical product. O A few firms, each producing a particular version of a product. O A few firms controlling the entire market. QUESTION 2 The demand curve faced by a monopolistically competitive firm is: flat. kinked. O upward-sloping. Odownward-sloping QUESTION 3 Without a product differentiation, the demand curve for a monopolistically competitive firm would...
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