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5. Which of the following are elements for markets that resemble
a. flat
b. steep demand curves; difficult exit; easy entry
c. flat supply curves; easy exit; difficult entry
d. steep supply curves; difficult exit; difficult entry
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Solved in 2 steps
- 1. A) What are the underlying assumptions associated with Perfect Competition? B) Explain why firms operating under Perfect Competition make normal economic profit in the long-run. C) Explain why Perfect Competition results in Allocative Efficiency. D)Explain why Perfect Competition results in Economic Efficiency.Productive efficiency and allocative efficiency are two concepts achieved in the long mm in a perfectly competitive market. These are the two reasons why we call them perfect. How would you use these two concepts to analyze other market structures and label them imperfect?1. Identify a market that resembles some of the key characteristics of a perfectly competitive market and discuss each of these characteristics of the market in detail 2. Has any particular firm in this market found a way to differentiate or distinguish itself from its competitors? If so, what did the firm do? If not, what prevents the firm from differentiating itself?
- 1. Explain how the long run differs from the short run in pure competition. 2. The basic model of pure competition reviewed in this chapter finds that in the long run all firms in a purely competitive industry will earn normal profits. If all firms will only earn a normal profit in the long run, why would any firms bother to develop new products or lower-cost production methods? Explain.a) What is the profit maximising condition in a market with perfect competition?b) Explain what is meant by abnormal profit? What is the adjustment process from short-run abnormal profit to long-run equilibrium in a perfectly competitive market?c) Please find below Pricing options for firm A and B, along with individual payoffs (Firm A’s payoff/Firm B’s payoff)Firm BFirm APrice £2 Price £1Price £2 £20,000/£20,000 £10,000/£24,000Price £1 £24,000/£10,000 £12,000/£12,000Assume you are the pricing manager at Firm A;i) What is your payoff for a ‘maximin’ strategy?ii) What is your payoff for a ‘maximax’ strategy?iii) Does a dominant strategy exist within this prisoners’ dilemma?Question 1 A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, average total cost of $8, and fixed costs of $200. a. What is its profit? b. What is its marginal cost? c. What is its average variable cost? d. Is the efficient scale of the firm more than, less than, or exactly 100 units?
- 3 examples of perfectly competitive markets and dose these firms profit in long run or short runb) Explain what the assumption of free entry and exit in a perfectly competitive market implies for the long run competitive equilibrium?1.Explain how the long run differs from the short run in pure competition. 2. Explain how the entry and exit of firms affects resource flows and long-run profits and losses
- (a) A competitive firm’s short-run supply curve depends on two curves. Which two exact curves are we talking about? (b) Clearly explain which portion/part of these curves provide us with the short-run supply curve of such a firm and which part is excluded from being considered a part of such a supply curve? (c) In this context, explain the economic reason why the short run supply curve of a competitive firm slopes upwards.2- What is the general decision rule used by perfectly competitive firms to maximize profits? On a graph, indicate the long- and short-run supply curves of the firm. Explain clearly why there is a difference. Why would a firm stay open and take losses in the short-run?3 a. List and describe the four assumptions that underlie the theory of perfect competition.
