Which of the following is NOT a condition necessary for perfect competition? There are may buyers and sellers in the market. All firms earn an accounting profit. The products for sale in the market are considered identical. There is free entry and exit into the market.
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- Which of the following are characteristics of a perfectly competitive market? Check all that apply. There is a large number of firms in the market. Entry and exit are difficult. The product is homogeneous. There are very few firms. Does a Kansas wheat farmer operate in a perfectly competitive market structure? No, because there is no easy entry into or exit from the wheat market. Yes, because the wheat market conforms closely to the perfectly competitive market structure. No, because no real-world market closely fits the three assumptions of perfect competition. Yes, because there are very few wheat farms.In the model of perfect competition, firms maximize profits by producing where: the difference between marginal revenue and marginal cost is maximized. the difference between price and marginal cost is maximized. the difference between price and marginal revenue is maximized. marginal revenue equals price which statement is true? price equals marginal cost.Which of the following statements is true? Accounting profit is always positive. Economic profit is always positive. Economic profit is greater than or equal to accounting profit.Incorrect Accounting profit is greater than or equal to economic profit.
- In a perfectly competitive market, which of the following characteristics gives rise to the difference between the short-run equilibrium and the long-run equilibrium? There is perfect information regarding prices and quantities. There is a homogenous product. There are many buyers and many firms acting in the market. There is free entry into and out of the industry.Which of the following is not a necessary condition for long-run equilibrium under perfect competition? A)no firm has an incentive to enter the market b)no firm has an incentive to exit the market c)prices are relatively low d)each firm earns zero economic profitThe following are correct statements about the Perfect Competitive market structure, EXCEPT: Question 19 options: There are no entry or exit barriers. The firms sell a standard product. There are zero economic profits in the long run. In the long run firms operate where Marginal Cost is minimized.
- Many large corporations, such as General Motors and Apple, operate in markets that are not even close to perfectly competitive. But unlike the products these companies sell, shares of these firms’ common stock are bought and sold in what could be described as a perfectly competitive market. Based on the three conditions that make a market perfectly competitive, what characteristics of the purchase and sale of shares of stock of a large company like GM or Apple, are consistent with perfect competition?Firms in the market for dog food are selling in a purely competitive market. A firm producing dog food has an output of 10,000 pounds of dog food, for which it sells for $0.50 a pound. At the output level of 10,000 pounds the average variable cost is $0.40, the average total cost is $0.70, and the marginal cost is $0.50. What do expect will happen in the long-run? Explain.Under conditions of perfect or pure competition, or close to those conditions, producers (firms) are what are called “price takers”. This means that the price for the product that they are selling is determined by the market. No matter how little or how much product they supply, they can sell all they want at that price. If they were to price their product higher, they will sell zero. Which of the following is true? The price is equal to marginal revenue but not average revenue The price is equal to marginal revenue and average revenue The price is equal to average revenue but is not equal to marginal revenue The price is above both marginal revenue and average revenue
- A company in a perfectly competitive market produces an output level Q = 100 where marginal revenue is equal to marginal cost and has the following revenue and cost levels: Marginal cost curve intersects the average variable cost curve at $150. Marginal cost curve intersects the average total cost curve at $200. Marginal cost curve intersects the marginal revenue curve at $170. At Q = 100, ATC = $210 and AVC = $155 Is this firm making a profit or a loss at Q = 100? What would you suggest this firm should do in the short run? Explain.In perfectly competitive markets, the market long-run supply curve is: downward sloping if the average costs for all firms fall as the industry expands downward sloping in quantity if there are diseconomies of scale always horizontal upward sloping for firms with large fixed cost none of the other answers are correct Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Which of the following is not a characteristic of perfect competition? A. Many buyers and many sellers B. Goods are homogeneous C. Imperfect information about the market D. Suppliers do not set prices