Homework Answers
Answer
option 3
There is a large number of a producer in the market.
A perfectly competitive market has many producers produce identical products so no one can power over price and accept the price as per the market equilibrium. The market has free entry and exit in the industry.
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Which of the given factors is an assumption of perfect competition? Firms sell differentiated goods. There...
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...
Sort the list below according to whether or not an item is an assumption made under...
Sort the list below according
to whether or not an item is an assumption made under perfect
competition (aka pure competition or competitive industry).
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 Firms selling a similar but differentiated good Significant barriers to entry Price taking
Which one of the following is not a condition of perfect competition? a. All goods sold...
Which one of the following is not a condition of perfect competition? a. All goods sold in the market are identical b. Producers can freely enter or exit the market c. Buyers and sellers have perfect information d. Numerous small buyers and sellers e. Firms’ production functions display increasing returns . In a perfectly competitive market, every individual seller is a price taker, which means that a. they face a perfectly inelastic demand curve. b. any seller that raises its...
Which of the following is not an assumption of oligopoly? O a. Firms produce and sell...
Which of the following is not an assumption of oligopoly? O a. Firms produce and sell either homogeneous or differentiated products. O b. There are significant barriers to entry. O c. There are few buyers. O d. There are few sellers.
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...
______________________ arises where many firms are competing in a market to sell similar but differentiated products....
______________________ arises where many firms are competing in a market to sell similar but differentiated products. A. Monopolistic competition B Perfect competition C Oligopolistic competition D Monogopolised competition
In which market structure is there a large number of firms producing slightly differentiated products? O...
In which market structure is there a large number of firms producing slightly differentiated products? O A. either perfect competition or monopolistic competition O B. monopoly O C. only perfect competition O D. only monopolistic competition O E. oligopoly Which of the following is an example of a two part tariff? O A. price discrimination based on the buyers' willingness to pay B. higher sales tax on specific products O c. a regulated firm uses marginal cost pricing for some...
The world of imperfect competition O A. lies between the extremes of perfect competition and monopoly....
The world of imperfect competition O A. lies between the extremes of perfect competition and monopoly. O B. is a world where firms battle over market shares. O C. is a world where economic profits may or may not persist in the long run. OD. is described by all of the above. Monopolistic competition is an industry characterized by a O A. small number of firms producing identical products, with barriers to entry for firms. OB.small number of firms producing...
Which one of the following is not a condition of perfect competition? A. Numerous small buyers...
Which one of the following is not a condition of perfect competition? A. Numerous small buyers and sellers B. Producers can freely enter or exit the market C. Firms’ production functions display increasing returns D. All goods sold in the market are identical E. Buyers and sellers have perfect information
1. Which of the following is not a characteristic of perfect competition? Firms face downward-sloping demand...
1. Which of the following is not a characteristic of perfect competition? Firms face downward-sloping demand functions. Outputs of the firms are perfect substitutes for one another. No barriers to entry or exit. Large number of firms in the industry. 2. Which of the following statements is correct? Managerial decisions are affected by both microeconomic and macroeconomic forces. Managerial decisions are affected primarily by microeconomic forces. Managerial decisions are affected primarily by macroeconomic forces. By and large, managerial decisions are...
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...
Sort the list below according
to whether or not an item is an assumption made under perfect
competition (aka pure competition or competitive industry).
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 Firms selling a similar but differentiated good Significant barriers to entry Price taking
Which of the following is not an assumption of oligopoly? O a. Firms produce and sell either homogeneous or differentiated products. O b. There are significant barriers to entry. O c. There are few buyers. O d. There are few sellers.
In which market structure is there a large number of firms producing slightly differentiated products? O A. either perfect competition or monopolistic competition O B. monopoly O C. only perfect competition O D. only monopolistic competition O E. oligopoly Which of the following is an example of a two part tariff? O A. price discrimination based on the buyers' willingness to pay B. higher sales tax on specific products O c. a regulated firm uses marginal cost pricing for some...
The world of imperfect competition O A. lies between the extremes of perfect competition and monopoly. O B. is a world where firms battle over market shares. O C. is a world where economic profits may or may not persist in the long run. OD. is described by all of the above. Monopolistic competition is an industry characterized by a O A. small number of firms producing identical products, with barriers to entry for firms. OB.small number of firms producing...
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