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- True or False: "In a perfectly competitive market, firms have no market power and must accept the market price."All buyers in a perfectly competitive market set prices to compete in their market? is it true or falseWhich of the following is a reason why firms in a perfectly competitive market have no influence over price? Barriers exist to enter the market. All firms in the market sell identical products. There are many sellers that produce similar, but not identical, products. Buyers and sellers lack perfect information about the product and pricing.
- Which of the below will NOT occur if exitings firms are earning positive economic profits in a competitive market?Show a firm that is earning zero economic profits, but has some market power. Then, assume this market power is entirely eliminated when a new competitor enters the market with the same technology and produces a perfect substitute. Showing in your diagram how the firm must adjust its production level to most effectively compete with the new entering firm, explain why maintaining competition is important.When the number of competing firms is small in a market, is this market necessarily different from a perfectly competitive market in terms of market power and efficiency? Develop your in-depth analysis and argument on the basis of relevant economic theory or models. Also discuss and explain how market power can empirically and practically (from a competition policy point of view) be assessed.
- Which of the following is a reason why firms in a perfectly competitive market have no influence over price? a.Buyers and sellers lack perfect information about the product and pricing. b.All firms in the market sell identical products. c.Barriers exist to enter the market. d.There are many sellers that produce similar, but not identical, products..What are the three conditions for a market to be perfectly competitive? For a market to be perfectly competitive, there must be A. many buyers and sellers, with all firms selling identical products, and no barriers to new firms entering the market. B. many buyers and nothingsellers, with all firms selling identical products, and substantial barriers to new firms entering the market. C. many buyers and sellers, with firms selling similar but not identical products, with low barriers to new firms entering the market. D. many buyers and one seller, with the firm producing a product that has no close substitutes, and barriers to new firms entering the market.When supposedly competitive companies divide up markets with fixed prices they have set up a _______________.
- Brand X is one of many firms in a competitive industry where each firm has a constant marginal cost of 2 dollars per unit of output. If marginal cost for Brand X rises to 4 dollars per unit and marginal costs of all other firms in the industry stay constant, by how much does the price in the industry increase? a. 2 dollars b. 1 dollar c. 0 dollar d. 2/n, where n is the number of firms in the industry e. None of the above.Which of the following must be present for a firm to maintain its market power for an extended period of time? A. Supply and demand B. Perfect competition C. Barriers to entry D. Profit maximizationIn the long run, when there are economic losses, firms leave the industry, which will decrease the market supply and increase the price until economic losses are zero. True False
