Q: What are the major assumptions of the theory of imperfect competition. Please explain them in detail…
A: Assumptions of theory of imperfect competition 1.Many sellers and buyers There are many sellers and…
Q: For each of the following pairs of firms, explain which firm would be more likely to engage in…
A: Meaning of Advertisement: Advertising refers to any form of impersonal, paid for communication,…
Q: discuss why a firm in perfect competition will not charge a price above or below the market price.
A: The perfect competition is a form of market where there are a large number of buyer and sellers,…
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…
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A: When talking about the competitiveness of a firm, it can be said that it is determined by the market…
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A: In the market with big firms, there used to be some level of market power enjoyed by these firms,…
Q: Strictly speaking, pure competition has never existed and probably never will. Then why study it?
A: ANS Pure competition is the form of market where there are many sellers & many buyers and the…
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: The daily demand for bungee jumping over a river in South Africa is given by Q=5000-200P. There are…
A: given, demand curve = Q= 5000-200P or, P = 25 -Q/200Total Revenue curve = P.Q = 25Q - 1/200Q^2…
Q: Choose two of barriers to entry that would affect the market in which any business operates. Explain…
A: The obstructions or barriers that make it much more difficult for new businesses to enter a specific…
Q: Can you help me with the question below? A firm with “market power” has: A. The ability to raise…
A: The relative ability of a company to control the price in the market place by controlling the level…
Q: Inverse Demand Equation: P = 170 - 4Qd Marginal Costs=\$10; MR = 170 - 8Qd A perfectly -competitive…
A: The equilibrium condition: P=MC.
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: Barriers to entry Multiple Choice usually result in perfect competition are characteristic of pure…
A: barriers of entry is the restriction either imposed by the government or due other high investment…
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A: The four forms of competition in the market are pure competition or perfect competition,…
Q: How often do perfectly competitive firms engage in price discrimination? a. Never. b. Rarely. c.…
A: Answer - Perfectly competitive Market - Perfectly competitive market is a market under which no firm…
Q: To maximise profits under any market structure, firms must apply two rules: the shutdown rule and…
A: Marginal cost (MC): - it is the additional cost incurred due to the production of additional units…
Q: Is it bad for consumers if a large corporation drives down prices to eliminate competition? Explain
A: A situation when two or more rival companies lower the prices of a similar product with the aim to…
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: 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: Compared to perfect competition there is a social cost under monopoly do you agree? Explain using…
A: The perfectly competitive market is a type of market structure where there are large number of…
Q: Pindyck & Rubinfeld, 8e. Ch 8 #10. Suppose that you are given the following information about a…
A: The equilibrium is attained at the intersection of demand and supply curve and the price at…
Q: True or false: In a perfectly competetive market, when AVP<P<ATC, a firm will not produce any output…
A: Under perfect competition, there are a large number of firms who sell identical goods. The buyers…
Q: Consider an industry with that contains the following firms Total Revenue Firm A $45,000 Firm B…
A: Total market revenue will be the sum of each firm’s revenue in the industry.
Q: Q6-What type of Competition exists in the following industry? a) K Electric in Karachi b) Getz…
A: A market is a structure where the trade of goods and services take place for a price paid by the…
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: 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: 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: 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: QUESTION 3 Which of the following industries most closely approximates pure competition? A.…
A: Pure competition refers to the situation when a firm has to compete with a large group of sellers…
Q: If the FTC is correct about Facebook, Facebook will be able to earn profits in the long-run. What…
A: Barriers to entry conveys the restriction levied by a market on the arrival or exit of business…
Q: What is the non price behavior of a perfect competition market structure. (Include examples)
A: Non-price competition in the perfect competition involves the product, unique selling point,…
Q: RM 60 58 45 35 100 150 Quantity of output
A: The perfect competition is the type of market structure where there are large number of buyers and…
Q: Pick an industry where there is a dominant firm. Assume that you are the CEO of that firm. What…
A: It is common that when a firm is dominant in the industry and earn higher profit then other firms…
Q: ATC MR D Q, Quant caph represents a firm in mononolistic competition Which of the
A: In monopolistic competition, there is focus on non price competition like advertisements. This is…
Q: What would be evidence of serious competition between firms in an industry?
A: The competition in the market is generally available to due to many factors relating to the firms…
Q: How much market power do you think that most firms enjoy? This is an important question as you…
A: The ability of a firm to manipulate the price of a product in the marketplace by managing supply and…
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:-
What is failure of competition? Explain
(public finance course)
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- Many economists would argue that there is no such thing as perfect competition in the real world. What limitations to that theory would support their argument?Is it bad for consumers if a large corporation drives down prices to eliminate competition? ExplainDiscuss the forms of competition that exist in amarket.
- Apple faces competition from many other firms in the world market for mobile phones; therefore, Apple cannot have market power. Do you agree with this statement?Can the absence of government intervention be a similarity between perfect competition and monopoly?What would be evidence of serious competition between firms in an industry?
- what is the similarities between perfect competition and monopoly?Describe the four degrees of competition.One useful way of analyzing the nature of competition in an industry has been suggested by Porter's ' five forces model of competition . Discuss Porters five forces model . Relate your answer to Ryanair .
- What is the number of firms in a Perfect Competition and what is the price control of product by individual firms.What are the conditions that distinguish perfect competition from other market structures?Employ the production cost theory to explain why we consider the Fruit & VegetableMarketin Al-Aweer to have a perfect competition structure.