Perfectly competitive firms are price takers because all small firms must take the price set by the largest firm in the marketfirms take the price that government determines is a "fair" priceeach firm is small and goods are perfect substitutes for one anotherfree entry and exit in the short run creates a constant market price in the long run

Q: In a perfectly competitive industry, which of the following determines the market price? Select one:…

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

Q: If the long run supply curve for a perfectly competitive market is perfectly elastic what can we…

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Q: Which of the following is NOT a characteristic of a perfectly competitive market? O Goods offered…

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Q: maximize profit in the short-run, a perfectly competitive firm will search for that output at which…

A: In a perfectly competitive firm there are large number of firms selling identical product.

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A: Answer 56. Marginal cost is the additional cost incurred from producing one more unit of a good or…

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A: Given  Market supply function: P=5+3Q            ... (1) The marginal cost of the last unit sold is…

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Q: QUESTION 16 Deadweight loss: Refers to the lower profit in perfectly competitive markets Refers to…

A: Since you have asked multiple questions, only the first question will be answered.  Deadweight loss…

Q: Which of the followiing is true in a perfectly competitive market? Select one: Oa A large number of…

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Q: Which of the following characteristics does NOT describe a perfectly competitive market?   Question…

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Q: Which of the following indicates an extremely profitable market in the short-run? a. Many more firms…

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

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A: It has been said to assume that the market is perfectly competitive.

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A: Perfect competition: It is the market that has the greatest level of competition.

Q: In a perfectly competitive market, the market price is $2, and firms are producing 100 units. At a…

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Q: Which of the following markets is the closest to a perfectly competitive market?   Question 10…

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Q: Which of the following is characteristic of a perfectly competitive market? a. There is free entry…

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Q: perfectly competitive market

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Q: In the short run, a perfectly competitive firm A) can vary all its inputs. B) can make only zero…

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Q: Fill in the missing words: 1. If economic profits are being made in a perfectly competitive market,…

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Q: In a perfectly competitive market, the firms are observed to make positive economic profits in the…

A: Perfectly competitive markets are those where there are large number of buyers and sellers and is…

Q: In a perfectly competitive market: a. All goods or services in that market are similar b. The price…

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Q: Which of the following is a characteristic of a perfectly competitive market? O Many firms have…

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Q: The price faced by the firm in a perfectly competitive market is $70 per unit. The average total…

A: Formulas of cost are: 1. Total Cost = Total Fixed Cost + Total Variable Cost 2. Average Total Cost =…

Q: Consider that unusually good weather in Washington led to a bumper crop of blueberries in the state.…

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

Q: A firm in a perfectly competitive market a. can increase its supply to lower the market price. b.…

A: In a perfectly competitive market, there are many buyers and sellers. There are no barriers to entry…

Q: Q.7) If the marginal product is equal to the average product; a) the average product curve is…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Consider a perfectly competitive market where variable input markets are also perfectly competitive…

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A: Long run supply curve refers to the portion of marginal cost curve which is above average total…

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A: A perfectly competitive firm is a price taker, i.e., it takes the price set by the market forces and…