8.2 Which of the following is a key assumption of a perfectly competitive market?Firms have influence over the market priceGoods have very few sellersO It is difficult for new sellers to enter the marketA and BA and CB and CO A,B,CO None of the above

This model assumes that all goods are similar, rival, and excludable, that all buyers and sellers…

Which of the following is a key assumption of a perfectly competitive market? Firms have influence over the market price O Goods have very few sellers O It is difficult for new sellers to enter the market O A and B A and C B and C O A,B,C O None of the above

Which of the following is a key assumption of a perfectly competitive market? Firms have influence over the market price O Goods have very few sellers O It is difficult for new sellers to enter the market O A and B A and C B and C O A,B,C O None of the above

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter7: Perefect Competition

Section: Chapter Questions

Problem 9SQP

See similar textbooks

Related questions

Q: a. Susan has the option to purchase eyeglasses, E, $3 each, and orange juice, O, $1 each. Her income...

A: Budget line shows different combinations of two goods that can be bought with the given level of inc...

Q: How is capitalism thought to benefit society?

A: Capitalist economy: - it is that economic system where the price, quantity, and types of goods and s...

Q: Dinners are prepared in a process with two resources. The first resource has a capacity of 6.2 dinne...

A: The time sum of all process stages is used to calculate total labor content. If a procedure has two ...

Q: Any two goods in the health market

A: The healthcare market is a multidisciplinary practise area in public health.This novel method incorp...

Q: Question 17 from Ch.10 A certain town in the Midwest obtains all of its electricity from one company...

A: A monopoly sets the monopoly price. Only one company can create an industry's product with no feasib...

Q: Suppose the government decides to increase taxes by $30 billion in order to increase Social Security...

A: Here, it is given that the government decides to raise taxes by $30 billion to increase the social s...

Q: 29. In the simple deposit expansion model, if the Fed purchases $100 worth of bonds from a bank that...

A: Fractional reserve banking is a prevalent practice in most countries worldwide and is referred to as...

Q: Which of the following is a list of fixed inputs for a hospital? A) antibiotics, pain medication, an...

A: Inputs are of two types, i.e., fixed inputs and variable inputs. Fixed inputs are those inputs that...

Q: Discuss the functions of money and evaluate how theories of money demand explain them

A: Money functions as a means of trade, a store of value, a monetary unit and the exchange medium. Mon...

Q: Required Information A government-funded wind-based electric power generation company in the souther...

A: Given: Interest rate=10% Life=25 years

Q: If a small open economy cuts defense spending, what happens to saving, investment, the trade balance...

A: Meaning of Exchange Rate: The term exchange rate refers to the situation under which a particular ...

Q: If Japan has low inflation and the Philippines has high inflation, what will happen to the exchange ...

A: In the international market, the value of currencies are highly influenced by the inflation rate in ...

Q: Which of the following is not characteristic of capitalist thought?a. Private individuals have a rig...

A: Capitalist economy: - it is that economic system where the price, quantity, and types of goods and s...

Q: Hershey Park sells tickets at the gate and at local municipal offices to two groups of people. Suppo...

A: The demand function shows the relationship between the quantity demanded for a commodity and its var...

Q: In 1986, the U.S. Congress enacted a regulation (PL99-509) requiring railroads to disclose contractu...

A: In economics, competition refers to a situation in which different economic firms compete for goods ...

Q: Typically the model of Monopoly predicts that all customers are charged the same price and that the ...

A: Monopoly is a form of market structure in which a single firm sells a commodity for which there are ...

Q: In order to make a survey of the buying habits, two markets A and B are chosen at two different part...

Q: A firm's cost function @ Is maximized when solving for the optimal level of output y for the firm. b...

A: In a market, a firm faces a specfiic way of expenditure during the production process and this specf...

Q: Consider an economy described by the following: C = $3 trillion 1 = $1.3 trillion G = $3.5 trillion ...

A: The correct answer is given in the second step.

Q: If you invest your P3,000 every year at 4% interest rate, how many months does it take to be worth P...

A: We have given that the equal year-end payment A=3000 Future value F=117,247.80 Rate of interest r=4%...

Q: Who owns property in a socialist system?

A: .Socialism is a social and economic theory that advocates public ownership and control of property a...

Q: e. Dan is Kim's colleague. Michelle assigns Kim and Dan to work on a joint project, which can be des...

Q: Use the utility function u = E (r,) – 0.5 A ož where A is the risk aversion parameter and A = 3.5. U...

A: The law of diminishing marginal utility is the additional satisfaction that a consumer gets by consu...

Q: Explain the concept of universal health coverage and the strategies employed in Caribbean countries ...

A: The basic provision of health care to all individuals and communities, regardless of their financial...

Q: Use the figure to answer the following questions. Assume that the economy initially is operating at ...

A: Assume that the economy initially is operating at price level 120 and real output level $870. The ou...

Q: If the AD excess is $400 billion and the MPC is 0.9, a) How much fiscal restraint is desired? b) By ...

Q: When policymakers impose a binding price floor They know consumer and producer surplus will decrease...

A: Price floor refers to the minimum legal price that can be charged for a good or service.

Q: You work for a Panamanian importing company. You import car radios from a Japanese supplier. Under t...

A: Although currency rate risk, often known as foreign exchange (forex) risk, is an inevitable risk of ...

Q: The demand curve for original Iguanawoman comics is given by (464 - p)? (0 sp s 464), where a is the...

Q: A firm's cost function @Is maximized when solving for the optimal level of output y for the firm. b....

A: In order to get maximum revenue, there is a need to reduce the cost that is there is a need for redu...

Q: what are the environment impact of the virtual reality gaming ? what are the benefits of the virtual...

A: Virtual reality gaming basically refers to the new diversion of the gaming with the use of VR . This...

Q: What is meant by economies of scale and what is the importance of this concept to economic growth?

A: In an economy, production cost refers to the cost incurred when producing goods and services by the ...

Q: Emissions Marginal Abatement Total Abatement Cost Total Tax Bill at Total Costs (tons/month) Cost $1...

A: Emissions MAC TAC TTB Total Cost 10 0 0 150*10 = 1500 1500 9 15 15 150*9= 1350 15+1350=1365 8 ...

Q: What do you think is the most important aspect to consider when trying to understand the concept of ...

A: Globalization: It can be defined as the interaction of different economies with each other. There is...

Q: 15 and G = 17. Consumption, as you would expect, does depend on income via the nsumption function C ...

Q: Exercise 2: A perfectly competitive firm produces two goods, X and Y, which are sold at £36 and £200...

A: Given; Price of good X= £36 per unit Price of good Y= £200 per unit Total cost; TC=3x3+2y2-A where; ...

Q: 1. Scenarios in which costs are experienced later than the action to incur the cost are called, a. I...

A: In an economy, there are different types of cost incurred based on the type of transaction.

Q: Refer to the above graph, showing the demand curve in a market. Say supply is perfectly inelastic at...

A: When the supply curve is perfectly inelastic, the producer will earn as much as he can. As supply is...

Q: A new boiler was installed by a textile plant at a cost of P 3M and projected to have a useful life ...

A: To find the value of capitalized cost, first, we convert all values into an equivalent annual equiva...

Q: Explain the impact of an increase in money supply in the short run and in the long run. Include a gr...

A: Currency and other liquid assets are included when measuring a country's money supply. Cash and depo...

Q: According to economic theorists, which system should have the greatest degree of control by the stat...

A: Meaning of Economics: The term economics refers to the situation under which there remain transact...

Q: 13. Assuming that all international parity conditions, i.e., CIRP, UIRP, PPP, and Fisher Effect, ar...

A: There is no excess supply of one form of deposit nor excess demand for another when the interest par...

Q: When planning to perform an audit, an accountant must have a clear understanding of audit risk and i...

A: Audit risk is defined as "the chance that the auditor may give an erroneous audit opinion" when fina...

Q: The long-run supply curve for a particular type of kitchen knife is a hori- zontal line at a price o...

A: Demand curve for kitchen knife :- Q = 50 - 2p Q is the quantity demanded in million and the p is the...

Q: are two conditions that create the S-Shaped Growth. It the carrying capacity somehow consumed by the...

A: There is an S-shaped growth because at the beginning when there is no capital and less production so...

Q: Decreasing marginal returns occur in the short run as more labor is hired to work in fixed sized pla...

A: As more and more labors are hired, the marginal returns starts to fall.

Q: In a given year, based on concepts similar to those used to estimate U.S. employment figures, the Sw...

A: People who are actively looking for a job and are able to work are considered unemployed and people ...

Q: explain why the basic framework of supply and demand is not sufficient to analyze the market for hea...

A: Supply and demand is a framework for explaining and predicting a good's equilibrium price and quanti...

Q: The law of demand is an inverse relationship between the price and quantity demanded. Explain how th...

A: According to the law of demand, there is an inverse relationship between the quantity demanded and t...

Q: Consider Live Happley Fields, a small player in the strawberry business whose production has no indi...

A: Production Schedule:

Question

8.2

Which of the following is a key assumption of a perfectly competitive market?
Firms have influence over the market price
Goods have very few sellers
O It is difficult for new sellers to enter the market
A and B
A and C
B and C
O A,B,C
O None of the above

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Which of the following is NOT a characteristic of a perfectly competitive market? Question 2 options: a) firms are price takers b) firms have difficulty entering the market c) there are many sellers in the market d) goods offered for sale are largely the same
Which of the following markets is the closest to a perfectly competitive market? Question 10 options: Trash collection from your home The electricity market The market for internet services Fast food restaurant near DePaul
In a perfectly competitive market, all producers sell goods or services. Additionally, there are buyers and sellers. Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price .
Which of the following markets is the closest to a perfectly competitive market? Question 5 options: The market for internet services Trash collection from your home Fast food restaurant near DePaul The electricity market
Explain in detail how purely competitive markets, in the long-run, know how to adjust to and provide the correct output, at the correct price. Give an example of a good or service you might buy that is closest to being in a purely competitive market. Explain your logic.
In imperfectly competitive markets a ) some competition may exist but only in price and not in other ways. b ) there is no competition among firms. c ) some competition may exist among firms. d ) some competition may exist but only in other ways and not in price.
In a perfectly competitive industry, which of the following determines the market price? Select one: a. a firm's demand and supply b. market demand and a firm's supply c. market demand and market supply d. market supply and a firm's demand
In a perfectly competitive market, if market supply increases, price Question 15 options: decreases increases stays the same None of the above
Which of the following is a characteristic of a perfectly competitive market? A) Many buyers and one seller B) Few buyers and few sellers C) Many buyers and many sellers D) One buyer and many sellers
Which of the following is not a characteristic of a perfectly competitive market? a. There is a large number of small firms. b. Firms can easily enter or exit the market. c. Firms are price makers, not price takers. d. Firms sell a homogeneous product.
An arugula store in a perfectly competitive market was in a long-run equilibrium. Then, the government announces that arugula prevents heart attacks, resulting in an increase in demand for arugula. Describe the market processes that affect the store in both the short run and the new long-run equilibrium.
Which of the following is NOT a charactersitic of the model of perfectly competitive market? a) Many sellers produce an identical product. b) Firms can increase their prices by reducing their product. c) Firms have freedome of entry into the market. d) No signs firm can influence the market price.