.A perfectly competitive market is one in which many firms produce many different varieties of the same product. Group of answer choices : True False 2.Which of the following is one of the necessary conditions for the perfect competition model to exist? Group of answer choices : O. Total diminishing utility. O. Differentiated products. O. Large number of firms. O. Upward sloping average fixed cost. 3.The existence of positive economic profits induces firms to: Group of answer choices : O. enter an industry, which shifts the market supply curve to the left and decreases market price. O. enter an industry, which shifts the market supply curve to the right and increases market price. O. exit an industry, which shifts the market supply curve to the right and decreases market price. O. enter an industry, which shifts the market supply curve to the right and decreases market price 4.If a firm in a perfectly competitive market model experiences a technological breakthrough: Group of answer choices : O. other firms would not find out about it. O. other firms would find out about it eventually. O. some firms would find out about it but others would not. O. other firms would find out about it immediately.
.A perfectly competitive market is one in which many firms produce many different varieties of the same product. Group of answer choices : True False 2.Which of the following is one of the necessary conditions for the perfect competition model to exist? Group of answer choices : O. Total diminishing utility. O. Differentiated products. O. Large number of firms. O. Upward sloping average fixed cost. 3.The existence of positive economic profits induces firms to: Group of answer choices : O. enter an industry, which shifts the market supply curve to the left and decreases market price. O. enter an industry, which shifts the market supply curve to the right and increases market price. O. exit an industry, which shifts the market supply curve to the right and decreases market price. O. enter an industry, which shifts the market supply curve to the right and decreases market price 4.If a firm in a perfectly competitive market model experiences a technological breakthrough: Group of answer choices : O. other firms would not find out about it. O. other firms would find out about it eventually. O. some firms would find out about it but others would not. O. other firms would find out about it immediately.
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 3P
Related questions
Question
1.A perfectly competitive market is one in which many firms produce many different varieties of the same product.
Group of answer choices :
True
False
2.Which of the following is one of the necessary conditions for the perfect competition model to exist?
Group of answer choices :
O. Total diminishing utility.
O. Differentiated products.
O. Large number of firms.
O. Upward sloping average fixed cost.
3.The existence of positive economic profits induces firms to:
Group of answer choices :
O. enter an industry, which shifts the market supply curve to the left and decreases market price .
O. enter an industry, which shifts the market supply curve to the right and increases market price.
O. exit an industry, which shifts the market supply curve to the right and decreases market price.
O. enter an industry, which shifts the market supply curve to the right and decreases market price
4.If a firm in a perfectly competitive market model experiences a technological breakthrough:
Group of answer choices :
O. other firms would not find out about it.
O. other firms would find out about it eventually.
O. some firms would find out about it but others would not.
O. other firms would find out about it immediately.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax