Strictly speaking, pure competition is relatively rare. Then why study it?

Q: What is the different between monoply profit and perfect competitive profit? Show them in grapphical…

A: Monopoly and perfect competition have more dissimilarity in regards pice charging , quantity produce…

Q: Elaborate the Perfect Competition Model in detail.

A: The markets refer to the place where the buyers and sellers meet. In a market, the buyers purchase…

Q: Explain briefly why a firm under perfect competition is a price taker not a price maker?

A: A market is the collection of buyers and sellers. There are different forms of markets based on…

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: 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: 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: Under what condition is a monopoly preferred to perfect competition? Use a diagram to explain your…

A: Under perfect competition, there are large number of buyers and selling selling homogeneous goods.…

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: 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: Under Perfect Competition, firms only make normal profit in the long run. Elaborate

A: In the long term, all production components are interchangeable. Free entrance and departure, as…

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: based on four market structure in economics, why some firms able to continue to make an economic…

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

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: Economists consider perfect competition as more efficient than other types of market structures,…

A: Firms in a perfectly competitive market in the long run end up earning zero or normal profits. This…

Q: Critically analyze the shut-down rule of market.

A: The markets refer to the place where the buyers of the goods, services, and various other products…

Q: To maximize economic profit, a competitive firm will produce a quantity where Group of answer…

A: A perfectly competitive firm is a price taker, which means it takes the price that is determined by…

Q: Why would a firm that incur choose to produce rather than to shut down?

A: When the revenue from the sale of the goods or services produced is insufficient to pay the variable…

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: 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: Economic profit is

A: To find : What is economic profit

Q: A firm will realize the highest level of profit if it is able to engage

A: The monopoly would result in the single seller and many buyers in the market. The monopoly would…

Q: A firm under perfect competition is

A: To find : What is firm under perfect competition.

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: Discuss the forms of competition that exist in amarket.

A: A ‘market’ refers to a place where the goods are bought & sold. The goods are exchanged at the…

Q: Why economic profit is negat

A: Profit: It refers to the revenue earned by the companies. With more profit earned by the companies,…

Q: How equilibrium price is determined under perfect competition?

A: Under perfect competition, both producers and consumers are price takers.

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: Give examples, when the conditions of pure and perfect competition are relatively accomplished.

A: Example when conditions of pure and perfect competition would be accomplished is agricultural…

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: 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: 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: In the long run, any firm will eventually leave the industry if

A: In the long run, any firm will eventually leave the industry if price :

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: How to identify the differentiation factor from our competitors.

A: The market refers to a place where various buyers, and sellers meet. The buyers purchase goods, and…

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: Explain what is meant by a perfect competitor has no market power as applied to power system…

A: This happens whenever the quantity supplied by sellers in the market equals the quantity demanded by…

Q: why competitive firms stay in business if they make zero profit?

A: First it should be clear that zero economic profit means that total Total Revenue is equal to the…

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: how is the short run different from the long run in terms of economic profit in : - perfect…

A: Economic profit is defined to be the difference between the revenue generated from the sale of the…

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: 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…

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:-