Q: Explain the features of large numbers of the sellers and the buyers in the perfect competition
A: There are many market in economy like monopoly , monopolistic , perfect competition , oligopoly ,…
Q: I. Write the letter corresponding to your answer on the space provided for. 1. What is the…
A: 1 - B perfect competition has free entry and exit of firms 2 - C Vegetables are homogenous as it is…
Q: What is the Imperfect competition that refers to any form of market structure other than perfect…
A: Perfect competition refers to a market in which there is many seller and buyer dealing in a…
Q: discuss why a firm in perfect competition will not charge a price above or below the market price.
A: The perfect competition is a form of market where there are a large number of buyer and sellers,…
Q: Assume perfect competition takes place in the market for hotel rooms. The the current market…
A: Perfect competition refers to the situation where there are large number of prouder and consumers…
Q: Which of the following is not an essential condition of pure competition?
A: Perfectly competitive market refers to the market structure where the large number of buyers and…
Q: Strictly speaking, pure competition has never existed and probably never will. Then why study it?
A: ANS Pure competition is the form of market where there are many sellers & many buyers and the…
Q: All of the following are true for competition in the long run, except one of them. Which is it?…
A: Perfect competition refers to a theoretical market structure. There are many buyers and sellers and…
Q: Apple faces competition from many other firms in the world market for mobile phones; therefore,…
A: Apple has been the top brand in the world of smartphones. Apple has the exclusive right to use IOS…
Q: With the aid of relevant graphs, elaborate on how prices are set in a perfectly competitive marke
A: Perfect or pure competition is a form of market in which a large number of perfectly informed buyers…
Q: Does the perfect competition market structure have barriers? If so list specific barriers to entry…
A: In a perfectly competitive market, the equilibrium price and quantity of goods are determined at a…
Q: Discuss briefly why competition exists in the industry? Give atleast Five reasons.
A: Competition in the industry exists due to following 5 reasons:- 1) Product features 2) Number of…
Q: Why are sellers in perfect competition unable to increase prices?
A: Perfect competition is a market structure characterized by large number of firms selling homogenous…
Q: Are Shoppe and Lazada considered as a perfect competition? Why do you think that is?
A: Economics, as a subject, deals with the allocation of scarce resources among humans with unlimited…
Q: a) Distinguish between a perfect competition market and a monopoly market in an economy?
A: In economics, there exists mainly four kinds of market structure and these market structures are…
Q: compare and contrast the monopoly and perfect competition in market structure in long run?
A: Monopoly is a market structure which has a single seller and many buyers. Perfect competition is a…
Q: What term refers to companies shaping their actions based on what their competitors do? allocative…
A: In a market, sometimes the decisions of the firms are not completely based on their own cost and…
Q: Explain the feature of the large number of the sellers and the buyers in the perfect competition
A: Meaning of Market: The term market refers to the situation under which the producers or the…
Q: Why is Perfect Competition an ideal market structure? Please explain
A: In a market, a perfect competition is considered as an ideal market when there is other markets like…
Q: Using an appropriate diagram, explain how a perfectly competition firm achieves profit- maximising…
A: The structure of the market where there exist many firms who sell homogenous goods to many buyers…
Q: There is no incentives to innovate in a perfect competition market. Do you agree? Explain.
A: When talking about perfectly competitive market, it is the place with a large number of buyers and…
Q: What is pure or perfect competition? Define and discuss.
A: A firm will attain profit if its price exceeds average total cost
Q: Is it bad for consumers if a large corporation drives down prices to eliminate competition? Explain
A: A situation when two or more rival companies lower the prices of a similar product with the aim to…
Q: Discuss the equilibrium conditions for a market under perfect competition.
A: Perfect competition is an economic phrase for a hypothetical market system in which all suppliers…
Q: What are the conditions that distinguish perfect competition from other market structures?
A: In case of Perfect Competition there are large number of buyers and sellers selling identical…
Q: What does it mean there is a low barrier to entry(low entry barriers) to perfect competition? what…
A: The market can be classified in different forms based on their characteristics. Perfect competition…
Q: Which of the following is most likely to operate under a perfectly competitive market? 1) A…
A: Perfect competition is a market condition there is a large number of buyers and sellers selling an…
Q: Compared to perfect competition there is a social cost under monopoly do you agree? Explain using…
A: The perfectly competitive market is a type of market structure where there are large number of…
Q: These two cases provide examples of markets that are characterized neither as perfect competition…
A: The market structure that lies between the perfect competition and monopoly is the monopolistic…
Q: What are the main characteristics of a competitivemarket?
A: A perfectly competitive market is the one, where there are a large number of firms selling…
Q: The graph above illustrates the electricity market. Consider market competition between firms where…
A: In a perfectly competitive market there are large number of numbers of sellers selling homogeneous…
Q: True or false: In a perfectly competetive market, when AVP<P<ATC, a firm will not produce any output…
A: Under perfect competition, there are a large number of firms who sell identical goods. The buyers…
Q: In perfect competition there are no barriers to entry for firms. Which of the following would be a…
A: A perfectly competitive market is one with no barriers that allow firms to enter or exit the market…
Q: Many economists would argue that there is no such thing as perfect competition in the real world.…
A: The perfectly competitive market is the one with completed information and complete freedom to make…
Q: List and explain the importance of each of the five characteristics of purely competitive markets.
A: It is a market circumstance where there is an enormous number of seller of an item which can't be…
Q: Strictly speaking, pure competition is relatively rare. Then why study it?
A: Pure competition is a business condition where similar goods are sold by a wide number of individual…
Q: List and briefly describe two benefits and three costs of an imperfectly competitive market…
A: Meaning of Market: The term market refers to the situation under which the producers or the…
Q: What is Perfect competition? (50 words only)
A: A market arrangement in which numerous enterprises provide a homogeneous product is known as perfect…
Q: a. John operates a firm producing t shirts. There are many such firms producing identical products…
A: Market refers to a place where sale and purchase of goods and services take place between buyers and…
Q: Which of the following economists was an originator of the theory of imperfect competition?…
A: The correct answer with detailed explanation is as follows:-
Are there barriers to entry in a
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- What form of competition best characterizes this market? What characteristics did you identify that led you to that conclusion?coffee shop marketWhat does it mean there is a low barrier to entry(low entry barriers) to perfect competition? what is meant by short-run, and long-run in market structure?compare and contrast the monopoly and perfect competition in market structure in long run?
- Differentiate between Perfect Competition and Monopoly?Many economists would argue that there is no such thing as perfect competition in the real world. What limitations to that theory would support their argument?why do economists and policy makers use perfect competition as a benchmark to analyze market structure and performance?