The demand for each seller's product in perfect competition is horizontal at the market price because  each seller is too small to affect market price. the price is set by the government. all the sellers get together and set the price. all the demanders get together and set the price.

Q: Which of the following is NOT an assumption of perfect competition? Select one: a. There are no…

A: Market structure refers to the place where the transaction of goods and services takes place between…

Q: Under perfect competition a firm will increase output if:      A) marginal cost equals marginal…

A: A perfectly competitive firm takes the price set by the market forces and sells each unit of its…

Q: ...... are more than just names and symbols. product quality packaging micromarketing product…

A: At the marketplace, different terminologies are used to explain different situations such as…

Q: Which of the following is true in the long run for both perfect competition and monopoly?     1…

A: A) in perfect competitive market:- 1) in perfect competitive market, there are many number of…

Q: Which market offers higher consumer surplus and why? The perfectly competitive firm or the monopoly…

A: In perfect competition, there are large number of buyers and sellers and each firm sells identical…

Q: A small town is served by many competing supermarkets, which all have the same constant marginal…

A: Equilibrium output is achieved in a competitive market when: D=AR=MR=MC Thus, in the above diagram,…

Q: Competition determines market price because the more that toy is in demand (which is the competition…

A: When demand increases,supply remaining same. Equilibrium price increases.

Q: If the minimum efficient scale of a firm is small relative to the demand for the good, then__.…

A: The lowest point where the plant can produce such that its long-run average costs are minimized is…

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

A: In a perfectly competitive industries, there are many firms and having no entry and exit…

Q: The firm Durham Co. operates in a competitive market because ODurham Co. is one of a few firms and…

A: In competitive market, there are large number of firms in the market

Q: If you were to put the following effects of a decrease in demand into the sequence in which they…

A: The demand refers to the need as bagged by the wants of a person where he has the availability of an…

Q: Two countries-A and B. Downward-sloping market demand in both. Firm Marginal Cost is upward sloping.…

A: In the mentioned question we have been given that the market price of A is greater than B. Now it is…

Q: A market is said to be perfectly-competitive when: the market may be dominated by one or two major…

A: Note: Since you've asked multiple question, we will solve the first question for you. If you want…

Q: Evaluate and explain the following statement: Competition is the disciplinarian of the market…

A: The competitive market is characterized by a large number of buyers and sellers in the market, free…

Q: In perfect competition, a firm can maximize profit by producing at a quantity where price Is lower…

A: In perfect competition there are large number of firms selling identical goods.

Q: Firms in a perfectly competitive industry maximize profits by:     eliminating the…

A: The perfect competition is a market structure which is characterized by the presence of a large…

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: Firms in this industry will make economic losses in the short run. The equilibrium market price in…

A: The perfect competition would result in the large number of buyers and sellers in the market. The…

Q: Firm A takes action to make there production process more efficient. Why will this make it easier…

A: If firm A makes production procedure more efficient it means cost gets reduced.

Q: Identify a firm that operates in your community that you think has a significant amount of market…

A: Market power refers to a company's capacity to influence the price of an item in the marketplace by…

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: Question 3 of 20 Place the characteristics into the most appropriate category. All characteristics…

A: A firm where large number of firms selling homogeneous goods, refers to as perfectly competitive…

Q: The theory of efficiency of a perfect competition does not include real-world problems, such as…

A: The following problem has been answered as follows:

Q: demand curve of the perfectly competitive firm is downward-sloping and the demand curve in the…

A: Perfect competition is an ideal type of market structure where all manufacturers and consumers have…

Q: In __________ market structure, the firm's are price maker

A: Firms can be either price maker i.e ( having full control over setting prices) or they can be price…

Q: What portion of the marginal cost (MC) is the supply curve for a perfect competitive firm (the…

A: Marginal cost curve represents the addition to total cost, when one more unit of commodity is…

Q: а. the price to consumers will fall and the innovative firm will gain market power b. the price to…

A: The perfect competition is the type of market which has a large number of buyers and sellers of…

Q: A market is “competitive” when: A) When a product has several substitutes offered by different…

A: In a market, competition is one of the characteristics of a market that defines the market forms.…

Q: Columbia’s coffee producers operate in a perfectly competitive industry. The market price for a…

A: In Perfectly competitive free markets, it is the forces of demand and supply that set the prices.

Q: The population for the local area increases A new firm enters the industry creating competition for…

A: The entry and exit of various form have impacts on the supply and demand for goods and services in…

Q: What is the correct answer? In pure competition, if the market price of the product is lower than…

A: Pure competition is a showcasing circumstance wherein there are an enormous number of dealers of an…

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

A: A perfectly completive market is where several sellers and buyers are involved in the exchange of an…

Q: Which of the following products/markets is most consistent with the perfect competition model?…

A: 1. A bustling farmers market is the best example of perfect competition. Because there are huge…

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: Describe in your own words the concept of market power

A: Market power refers to the ability of a firm (or group of firms) to raise and maintain price above…

Q: Perfect competition refers to a market structure wher

A: Features of perfect competition are: 1. Large Number of Small Buyers and Sellers 2. Homogenous…

Q: In the long run, in a competitive economy, companies use resources until the extra or marginal…

A: (Q) In the long run, in a competitive economy, companies use resources until the extra or marginal…

Q: Demand in an industry is expected to decrease permanently. Before the decrease in demand the…

A: A perfectly competitive market is one that has a large number of buyers and sellers, firms selles…

Q: • Economics gives managers a framework for understanding market demand. • Economics gives managers a…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: In a perfectly competitive market:   marginal costs will be less than average costs.   all firms…

A: Market structure refers to the place where the transaction of goods and services takes place between…

Q: Evaluate and explain the following statement: The market system is a profit-and-loss system.

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

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: A characteristic of a perfectly competitive marketplace is which of the following? Free entry and…

A: The answer is - Frer entry and exit to the marketplace

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: In the short run a perfectly competitive firm will Select one: a. shut down if P is greater than…

A: "A perfectly competitive firm is a price taker and maximize profit at a point where price equates…

Q: In perfect competition_______. Select one: a. demand for the good or service is small relative to…

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