evidence of serious competition between firms in an industry? Can you identify two highly competitive industries?

Q: The bicycle industry consists of seven firms. Firms 1, 2, 3, each has 20% of the market share, and…

A: The correct answer is given in the second step.

Q: Why firm level demand curve is horizontal and industry level demand curve is downward sloping in a…

A: A perfectly competitive market is characterized by a large number of buyers and sellers. The market…

Q: Identify an industry where small and large businesses compete with each other. If you own one of the…

A: Many small business owners view huge corporations solely as competitors. This description is valid…

Q: Industry A has five firms with market shares as follows: 50, 20,10,10,10 industry B has five firms…

A: The concentration ratio refers to the percentage of all sales contributed by the leading number of…

Q: opic : Industry equilibrium Question : What determines the number of firms in an industry (a) in…

A: Industry is said to be in equilibrium in short run when it’s total output remains steady. Also when…

Q: All buyers in a perfectly competitive market set prices to compete in their market? is it true or…

A: Marginal cost is the additional cost incurred in order to produce an additional unit of output.

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: Please explain briefly in your own words why firms in perfect competitive markets are price takers…

A: In the perfect competition market there are many firms in the market and any single firm cannot…

Q: According to Ricardo, newly-established industries need protection against competitive pressures…

A: Protectionism is an economic policy that uses taxes on imported goods, import quotas, and other…

Q: why do economists and policy makers use perfect competition as a benchmark to analyze market…

A: Perfectly competitive market: - it is a market condition where there are many buyers and many…

Q: In recent years in the brewing industry, a couple of large firms that have historically had most of…

A: The four forms of competition in the market are pure competition or perfect competition,…

Q: he auto industry in the U.S. has long been dominated by the Big Three carmakers: Ford, General…

A: Given that the car market in US has features of monopoly market structure while the car market of…

Q: What incentive compensation needed by employees to remain competitive within the industry?

A: The reward in the form of cash paid to employees for the service that they provide is defined as…

Q: It has long been recognised that most industries in Australia are imperfectly competitive, and the…

A: In contrast to the perfect competitive market scenario, imperfect competition is a competitive…

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: Considering we are at equilibirum in a perfectly competitive firm with no externalities Do sellers…

A: Negative externality refers to the situation where the third party who does not involve in the…

Q: 100 90 Supply (10 firms) 80 70 60 Supply (15 firms) 50 40 Supply (20 firms) Demand 30 20 10 125 250…

A: The graphs represent the cost function of a perfectly competitive firm and the demand for a…

Q: A producer of ballpoint pens has been purchasing ink from an ink supplier and is considering…

A: Taxes: An expense is a necessary monetary charge or some other sort of duty forced on a citizen by a…

Q: A competitive firm sells 100 units of output for $5 per unit. The firm’s marginal revenue amounts to…

A: MR=∆TR/∆Q

Q: What is the profit maximizing /loss minimizing rule a firm should follow regardless of the market…

A: If pricing is less than average total cost but larger than average variable cost, a company avoids…

Q: What is meant by the concentration of an industry? How is concentration measured? What are likely…

A: In an industry, there is a number of small and large firms that operate together in a competition.

Q: The auto industry in the U.S. has long been dominated by the Big Three carmakers: Ford, General…

A: The monopoly is the market structure which has single seller in the market and the perfectly…

Q: The equilibrium of a competitive industry is:   A neither efficient nor equitable   B equitable…

A: A competitive industry is one with many sellers and many buyers. In this market, a large group of…

Q: Use diagrams to explain what happens when the patent of a product expires, and the firm operates…

A: The exclusive legal right that an individual has to use a certain process, design or technology for…

Q: a. If only two firms exists in the market and they act competitively, find the equilibrium price and…

A: Elasticity is associate degree economic construct wont to live the amendment within the combination…

Q: How will carmakers in the U.S. respond to consumers’ desires compared to Chinese carmakers’ response…

A: In a perfect competition market, there are a large number of buyers and sellers in the market and…

Q: Perfectly competitive industries are characterized by:     few sellers and many buyers.…

A: Meaning of Market: The term market refers to the situation under which the producers or the…

Q: Other things equal, which reduces competition in an industry? Multiple Choice An increase in the…

A: An invention concerning a product or a process that's new, involving inventive step and capable of…

Q: What are the unique characteristics of a perfectly competitive market structure compared to the…

A: Perfect competition refers to the situation where there are many buyers and sellers exist in the…

Q: Under what conditions would a firm be most likely to use non-price competition?

A: Non-price competition is a competition where firms concentrate on other methods to attract customers…

Q: Compared to the perfectly competitive industry, a monopoly    options:   provides a higher…

A: There are different sorts of the market under which various products and services are traded among…

Q: Do you think firms really try to maximize profits? Do firms (especially small ones) know what prices…

A: Economist generally assume that firms act as profit maximisers. Economists don’t think there’s…

Q: The size of a firm is more important than market share in determining market power for an industry…

A: Market share is very important for market power related to industry or product,because it increases…

Q: Define economic efficiency in terms of production costs and product prices. Okay by are purely…

A: When every scarce resource in an economy is used and divided among producers and consumers to…

Q: For the case of an industry that you know well, describe the extent to which firms in that industry…

A: The important industry in the US is the automobile industry. Many of the brands that are produced…

Q: Q6-What type of Competition exists in the following industry? a) K Electric in Karachi b) Getz…

A: A market is a structure where the trade of goods and services take place for a price paid by the…

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: Entrepreneurs shift capital and labor across industries in pursuit of profit. Let’s look at this a…

A: The benefits created by the organisation for performing its activities are referred to as profit.…

Q: What type of competition is observed in the:- a) automotive industry b) non-ferrous metallurgy…

A: The industry is a term used to describe a group of businesses or organizations that manufacture or…

Q: Which of the following is true concerning purely competitive industries?

A: The perfect competition market consists of a large number of sellers who are price takers as the…

Q: the market price in a competitive industry were above its equilibrium level, what would you expect…

A: In a competitive market there are large number of firms producing similar and identical products.

Q: Which one of the following statements about Sutton's theory about the role of sunk cost in the…

A: There are different types of costs incurred during production. The following are the types of costs…

Q: If occupational safety laws were changed so that firms no longer had to take expensive steps to meet…

A: If occupational safety laws were changed so that firms no longer had to take expensive steps to meet…

Q: What form of competition best characterizes this market? What characteristics did you identify that…

A: Monopolistic competition: The salient feature of monopolistic competitive market is product…

Q: evidence of serious competition between firms in an industry? Can you identify two highly…

A: Herfindahl- Hirschman index

Q: What would be evidence of serious competition between firms in an industry?

A: The competition in the market is generally available to due to many factors relating to the firms…

Q: utput? If only one competitive firm receives a specific subsidy (negative tax) of s, how should that…

A: An ad valorem tax is a tax which is being based upon the assessed value of an item like a real…