What are the indicators that the US agricultural industry is competitive? How is a competitive market...
What are the indicators that the US agricultural industry is competitive? How is a competitive market defined?
Homework Answers
A competitive market is a market in which there are many buyers and sellers selling an identical product. Each seller controls a very small portion of the market. Also, in a competitive market, neither the buyers nor the sellers have any control over the market price.
The US agricultural industry is a competitive industry. There are a large number of producers of agricultural products and a large number of buyers. Also, the products sold by the producers are also nearly identical. Neither the buyers nor the sellers have much influence on the price.
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What are the indicators that the US agricultural industry is
competitive? How is a competitive market...
Part A. Some firms in the agricultural industry can be considered to be operating in an...
Part A. Some firms in the agricultural industry can be considered to be operating in an almost perfectly competitive market. Draw a graph showing market supply, market demand, and equilibrium price and quantity for an agricultural product of your choice. Draw a corresponding graph for an independent farm using the market equilibrium price and marginal cost curve. If you line up the two graphs horizontally, the equilibrium price should be the same on both graphs. Part B. Now suppose that...
Discuss wheather the following are examples of perfectly competitive industries. a. The US stock market b....
Discuss wheather the following are examples of perfectly competitive industries. a. The US stock market b. The automobile industry 1) Answer the questions in two detailed paragraphs.
5 A sudden rise in the market demand in a competitive industry leads to A short...
5 A sudden rise in the market demand in a competitive industry leads to A short run market equilibrium price higher than the original equilibrium price A short run economic profit Entry of new firms into the market All of the above A sudden decrease in the market demand in a competitive industry leads to losses in the short-run and average profits in the long-run above average profits in the short-run and average profits in the long-run new firms being...
In a perfectly competitive market, industry demand is: P = 850 – 4.2Q, and industry supply...
In a perfectly competitive market, industry demand is: P = 850 – 4.2Q, and industry supply is: P = 250 + 4Q (Supply is the sum of the marginal cost curves of the firms in the industry). If instead all of the firms behave as a cartel, prices will increase by ____. Hint: Round your answer to two decimal places
Suppose the gasoline market is competitive and that the government grants a subsidy to the industry...
Suppose the gasoline market is competitive and that the government grants a subsidy to the industry of 20 cents per gallon. Demonstrate and explain how the subsidy will affect price, output, and consumer and producer surplus. Show the dead-weight (or social) loss from the subsidy.
If the long-run market supply curve in a perfectly competitive industry is upward sloping, then the...
If the long-run market supply curve in a perfectly competitive industry is upward sloping, then the industry: -is a constant-cost industry. -is an increasing-cost industry. -exhibits constant returns to scale. -exhibits increasing returns to scale. -is a decreasing-cost industry.
12. Consider an industry with a dominant firm and a competitive fringe. The market demand for...
12. Consider an industry with a dominant firm and a competitive fringe. The market demand for the product is given by P - 100 - 20 where P is the market price for the product, and Q is the total amount sold in the industry. The dominate firm's marginal cost is given by the equation MC-80, and the supply curve for the competitive fringe is Q-P/2. Use this information to find the Residual Demand curve faced by the dominant firm;...
A sudden fall in the market demand in a competitive industry leads to a. A short...
A sudden fall in the market demand in a competitive industry leads to a. A short run market equilibrium price higher than the original equilibrium b. A market equilibrium price lower than the short run price c. Some firms exiting the market d. All of the above
1. The production of agricultural products like wheat is the closest example of a perfectly competitive...
1. The production of agricultural products like wheat is the closest example of a perfectly competitive market. In this question, you are asked to analyze results from a study released by the University of Arkansas about wheat production in the region assuming the industry was perfectly competitive.c. For 2010, the average variable cost per acre planted with wheat increased to $243.63 per acre. With an average yield of 52 bushels per acre, calculate the average variable cost per bushel of...
The demand curve in a market with a purely competitive industry is while the demand curve...
The demand curve in a market with a purely competitive industry is while the demand curve to a single firm in that industry is Multiple Choice o perfectly elastic downloping O perfectly school o downloping, vertical < Prev 3 of 25 Next >
5 A sudden rise in the market demand in a competitive industry leads to A short run market equilibrium price higher than the original equilibrium price A short run economic profit Entry of new firms into the market All of the above A sudden decrease in the market demand in a competitive industry leads to losses in the short-run and average profits in the long-run above average profits in the short-run and average profits in the long-run new firms being...
12. Consider an industry with a dominant firm and a competitive fringe. The market demand for the product is given by P - 100 - 20 where P is the market price for the product, and Q is the total amount sold in the industry. The dominate firm's marginal cost is given by the equation MC-80, and the supply curve for the competitive fringe is Q-P/2. Use this information to find the Residual Demand curve faced by the dominant firm;...
The demand curve in a market with a purely competitive industry is while the demand curve to a single firm in that industry is Multiple Choice o perfectly elastic downloping O perfectly school o downloping, vertical < Prev 3 of 25 Next >
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