Which of the following is assumed in a perfectly competive market? 1. significant barriers to entry...
Which of the following is assumed in a perfectly competive
market?
1. significant barriers to entry
2. Firms sell similar, but differentiated products.
3. many buyers
4. a small number of producers
Homework Answers
3. many buyers
A perfectly competitive market has following assumptions
- Large Number of Buyers and Sellers: ...
- Homogeneous Products: ...
- No Discrimination: ...
- Perfect Knowledge: ...
- Free Entry or Exit of Firms: ...
- Perfect Mobility: ...
- Profit Maximization: ...
- No Selling Cost:
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Which of the following is assumed in a perfectly competive
market?
1. significant barriers to entry...
Part 1: List 5 Barriers to entry into a market
Part 1: List 5 Barriers to entry into a market1) _____________________________________ 2) _____________________________________3) _____________________________________ 4) _____________________________________5) _____________________________________Complete the following calculationsQuantityPriceTotal RevenueMarginal Revenue0$221$202$183$164$145$126$107$88$6Fill in the blanksA) ____________ ____________ is the ability of a seller or a buyer to affect market price.B) ____________ ____________ is the change in total revenue from selling one additional unit of output.C) ____________ to entry are factors that block the entry of new firms into a market.D) ____________ is a firm that is the lone seller of...
All of these are necessary for perfect competition, EXCEPT: O differentiated products. O no barriers to market entry or...
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...
8. Which of the following is true for profit-maximizing firms in perfectly competitive, monopolistically competitive, and...
8. Which of the following is true for profit-maximizing firms in perfectly competitive, monopolistically competitive, and monopoly industries? a. MR P b. P-min(ATO c MR-MC e. P> MR 9. The reason that the coffeehouse market is monopolistically competitive rather than perfectly competitive is because a, entry into the market is blocked b. there are many firms in the market. Os C barriers to entry are very low d. products are differentiated. 10. The "Discount Department Stores" industry is highly concentrated....
Which of the following is not a characteristic of a monopolistically competitive market structure? A.) Each firm...
Which of the following is not a characteristic of a monopolistically competitive market structure? A.) Each firm must react to actions of other firms. B.) There are low barriers to entry of new firms. C.) There is a large number of independently acting small sellers. D.) All sellers sell products that are differentiated.
Is this correct :) Compare monopoly and perfectly competitive firm on the following points. Perfectly Competitive...
Is this correct :)
Compare monopoly and perfectly competitive firm on the following points. Perfectly Competitive Firms Monopoly 8. Prof. Camara/Assignment/P-Micro/Winter_2020 Single Many Number of Sellers Yes, Comparatively Easy Yes, Difficult Free entry/exit Normal Zero Long-run economic profits Identical Differentiated The products the firms sell None, price taker Yes Firms has market power? Downward-sloping Horizontal Total Surplus is maximized? Zpro Low Barriers Deadweight-Loss positive or zero?
1. Sort the list below according to whether or not an item is an assumption made...
1. Sort the list below according to whether or not an item is an assumption made under perfect competition (aka pure competition or competitive industry). Assumed in perfect Competition------------------Not Assumed in perfect Competition -A small number of producers -Significant barriers to entry -Many buyers -Firms selling similar but different goods -Price taking behavior 2. Listed below are the markets for several products. Sort the different markets according to whether or not they are consistent with the assumptions of perfect (or...
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.
Understanding possible entry barriers is most important when analyzing which of the industry forces? Threat of...
Understanding possible entry barriers is most important when analyzing which of the industry forces? Threat of competitive rivalry Threat of suppliers Threat of new entrants Threat of buyers Threat of substitutes Which of the following is not a condition that makes suppliers of an industry more powerful? A) There are a high number of suppliers. B) The industry is not important to the supplier group. C) There are high switching costs for firms in the industry to switch from current...
Which of the following is a basic characteristic of perfect competition? significant entry and exit barriers...
Which of the following is a basic characteristic of perfect competition? significant entry and exit barriers only a few businesses selling a particular product a large number of buyers and sellers the obstructed operation of the forces of supply and demand significant use of advertising to promote products
A monopoly is a market in which there are high barriers to entry, which are restrictions...
A monopoly is a market in which there are high barriers to entry, which are restrictions that make it difficult for new firms to enter a market. There are two types of barriers to entry: natural barriers and government-created barriers. Sort the following into the appropriate type of entry barrier. Taxi companies have market power because it is difficult for new companies to obtain a license to operate. ALCOA’s production costs per unit of aluminum continued to fall as the...
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...
8. Which of the following is true for profit-maximizing firms in perfectly competitive, monopolistically competitive, and monopoly industries? a. MR P b. P-min(ATO c MR-MC e. P> MR 9. The reason that the coffeehouse market is monopolistically competitive rather than perfectly competitive is because a, entry into the market is blocked b. there are many firms in the market. Os C barriers to entry are very low d. products are differentiated. 10. The "Discount Department Stores" industry is highly concentrated....
Is this correct :)
Compare monopoly and perfectly competitive firm on the following points. Perfectly Competitive Firms Monopoly 8. Prof. Camara/Assignment/P-Micro/Winter_2020 Single Many Number of Sellers Yes, Comparatively Easy Yes, Difficult Free entry/exit Normal Zero Long-run economic profits Identical Differentiated The products the firms sell None, price taker Yes Firms has market power? Downward-sloping Horizontal Total Surplus is maximized? Zpro Low Barriers Deadweight-Loss positive or zero?
Which of the following is a basic characteristic of perfect competition? significant entry and exit barriers only a few businesses selling a particular product a large number of buyers and sellers the obstructed operation of the forces of supply and demand significant use of advertising to promote products
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