Identify an industry that enjoys perfect (or nearly perfect) competition. How do the competitors interact with each other and suppliers and customers?

Q: Explain various markets and how they work to your friend so your friend will be able to run the…

A: Mainly there are 4 types of market structures. These are:  Perfect Competition(PC) is the structure…

Q: Will a Perfectly competitive market display productive efficiently? Why or why not?

A: A perfectly competitive market is the one where there are a large number of buyers (consumers) or…

Q: Are there barriers to entry in a Perfect Competition market? Explain in detail.

A: In perfect competition, there is homogeneity in the products sold by the consumers. This means that…

Q: was the west fraser timber company always been classified as perfectly competitive market in the…

A: When talking about the competitiveness of a firm, it can be said that it is determined by the market…

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: Using diagrams, explain why a perfect competition firm can only make a normal profit in the long…

A: The perfect competition is the Market where there are large number of buyers and sellers who deals…

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: is walmart an example of perfect competition ? Discuss the product they sell, entry and exit to the…

A: Wal-Mart is not the best example of perfect competition. As it can be configured as an oligopoly.…

Q: When would a seller possibly decide to exit the industry over the long run? What should product…

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Q: Which of the following is NOT a characteristic of perfect competition?

A: To find: Which of the following is NOT a characteristic of perfect competition?

Q: Why would a profitable for-profit organization choose to exit a line of business

A: A for-profit firm or organization is described as an entity that mainly generates profit more than…

Q: Which of the following is not necessarily a characteristic of perfect competition? low pricesa large…

A: The implications of perfect competition are as follows: (i) The price is determined by the forces of…

Q: The elimination principle is the idea that profits are eliminated by firms exiting the industry and…

A: The elimination principle is the idea that profits are eliminated by firms exiting the industry and…

Q: We're leaving the competition behind! Cuppy's Coffee Drive Thru Cafe is the only coffee outlet…

A: The market is a location where the transaction of services and commodities takes place. It is…

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: True/False In Perfect competition market, differentiated goods are sold.

A: # In perfectly competitive market we have many buyer and sellers interacting with each other.  There…

Q: Explain why a fast-food restaurant often displays characteristics of perfect competition.

A: The structure of a market where the consumption or production of goods and services do not tend to…

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: Why do all industries, except pure competition, not reach efficiency? What types of efficiency are…

A: Answer (50) Pure competition is a market situation where : products are homogenous there are a very…

Q: If all assumptions of perfect competition hold, why would firms in such an industry have little…

A: Meaning of Perfect Competition: The term perfect competition refers to the market under which…

Q: Small “Mom and Pop firms,” like inner city grocery stores, sometimes exist even though they do not…

A: “Mom and Pop firms” is a small independent business entity where the ownership and operations are…

Q: The market equilibrium in a perfect competition market is determined by millions of sellers and…

A: Perfect competition can be defined as the form of market where the large number of sellers sell the…

Q: Name atleast 2 business or service in the Philippines that is an example of perfect competition

A: Some of the features of Perfect Competition: 1. Firms are price takers 2. No individual firm can…

Q: Many firms, especially in perfectly competitive markets, file for bankruptcy every year, yet they…

A: Firms will shut down when their cost exceed revenue and they cannot continue to compete in the…

Q: In the short-run model of perfect competition, there is always a range of prices above the shutdown…

A: When talking about a perfectly competitive firm it can be seen that the firm will stay in the market…

Q: What are some characteristics of perfect competition?  Is the Banana market a perfect competition?…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: Please explain the importance of good market research when starting a new business.

A: Introduction: Market research helps you find purchasers for your firm. client behavior and economic…

Q: Firms always lose money in a long-run industry equilibrium, true or false?

A: Firms always lose money in a long-run industry equilibrium, true or false.

Q: Which 'Economies of Scale' creates imperfect competition and Why?

A: Economies of scale refers to a situation where there is fall in per unit output of average cost with…

Q: Write a short note on perfectly competitive market structure.

A: # Broadly there are 4 market structures namely perfect Competition market, monopoly market,…

Q: When price is less than marginal cost, a profit-maximizing producer in perfect competition will:

A: In the case of perfect competition, each firm takes the market price as given and hence produces an…

Q: Can you give examples of companies with perfect competition?

A: The markets refer to the place where the buyers, and sellers interact. In the markets, the sellers…

Q: Write down some examples of industries that are (close to) perfectly competitive. What attributes do…

A: Perfect competition is a kind of market in which a large number of suppliers of a homogenous…

Q: How does a firm in perfect competition decide what price to charge? What quantity to produce?…

A: A perfect competition(PC) market is one with many consumers and sellers producing identical…

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: A firm in perfect competition has no influence on market price True False

A: Pure or perfect competition is a market structure which has following features : All firms sell an…

Q: Show what the side-by side graph looks like in perfect competition (Show the graph where the firm is…

A: Perfect competition is a market where there are a large number of buyers and sellers and each firm…

Q: Distinguish among three types of imperfectly competitive industries and describe how imperfect…

A: The three types of imperfectly competitive industries are: Monopoly, Oligopoly and Monopolistically…

Q: Define a perfect competition market structure?

A: Market structure defines the features of a market in which the buyers and sellers interact to sell…

Q: Firms in perfect competition earn a positive long run economic profit. True False

A: There is a clear distinction between economic profit and accounting profit. The accounting profit is…

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: Comparison between Pure competition and the perfect competition in market structure of the economy?

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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: In perfect competition market the goods which are sold are ___________ in nature

A: # In perfect competition market structure, sellers are large in numbers and they are selling similar…

Q: the assumptions of perfect competition?

A: To find : Assumption of perfect competition.

Q: Consider the following two industries the rice industry and labtop industry. Which industry would…

A: Answer - Perfect Competition - Perfect competition is the market structure which lots of firm and…