Which of the following is not an assumption we make about perfectly competitive markets? a)Firms are price-takers b)Firms sell identical products c)Firms earn positive profit in the short-run but zero profit in the long-run d)Firms can freely enter or exit the market in the long-run e)All of the above are valid assumptions

Q: In a perfectly competitive industry, which of the following determines the market price? Select one:…

A: Meaning of Perfect Competition: The term perfect competition refers to the market under which…

Q: Which of the following is an essential characteristic of a perfectly competitive market? Multiple…

A: A perfectly competitive firm is a price taker, which means the price is determined by the market…

Q: According to marginal analysis, a perfectly competitive firm will produce an output level where what…

A: According to marginal analysis, a perfectly competitive firm will produce an output level where…

Q: When a perfectly competitive firm is at the profit maximizing output level what will be the…

A: Perfectly competitive market: In a perfectly competitive market structure there exists a large…

Q: In a perfectly competitive market, firms are earning normal profits. Firms will earn economic…

A: In a perfectly competitive market, firms are earning normal profits. Firms will earn economic…

Q: In a perfectly competitive market a firm produces where  equals to  . If MR is greater than MC, the…

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

Q: Consider the perfectly competitive market for tofu. Many people use tofu as a substitute for meat.…

A: A perfect market, also known as an atomistic market in economics, is defined by multiple idealizing…

Q: In a perfectly competitive market, if price and the minimum level of average variable ce are the…

A: In a perfectly competitive market determines the market price at the intersection point of market…

Q: In perfectly competitive markets, _____________________ and marginal revenue are identical.

A: A perfectly competitive market is a market in which there are many firms and many buyers. The…

Q: Homework (Ch 08) The model of perfectly competitive markets relies on these three core assumptions:…

A: Perfect competition refers to the situation where there are large number of prouder and consumers…

Q: firms are making a positive economic profit, what happens in the market in the long run? Place the…

A: We need to put the given statements in the correct order. Positive economic profits means revenues…

Q: Choose the correct one

A: Perfectly competitive market is defined as the market structure way there are large number of buyers…

Q: In imperfectly competitive markets a )     some competition may exist but only in price and not in…

A: Imperfect markets are such markets that do not follow rules and regulations of perfect market such…

Q: We assume that the barley market In Western Canada is perfectly competitive. If the barley farmers…

A: Many buyers and sellers, homogeneous products, no transaction costs, no obstacles to entry and exit,…

Q: Long-Run Competitive Equilibrium it is included as a cost and are not included in economic profit.…

A: Perfect competition denotes the highest level of competition among all market structures. Under…

Q: Question 1 Which of the following characteristics is required for a perfectly competitive market?…

A: In a perfectly competitive market, no one has the market power to determine the price of the…

Q: “In a perfectly competitive market, firms always operate at the lowest per-unit cost." Is the…

A: A market(mkt) is said to be perfectly-competitive when there is a large number of buyers(b) and…

Q: The market for paperback detective novels is perfectly competitive. Market Demand is given by…

A: (Q) The market for paperback detective novels is perfectly competitive. Market Demand is given by…

Q: Which of the following is not a characteristic of a perfectly competitive market? Goods offered for…

A: A perfectly competitive market is characterized by the presence of a large number of buyers and…

Q: Has any particular firm in the perfectly competitive market found a way to differentiate or…

A: Perfect competition is characterized by homogeneous products which are perfect substitutes for each…

Q: Which of the following is NOT necessarily true about the long-run equilibrium of a perfectly…

A: A perfectly competitive firm is a price taker and choses the level of output where marginal cost…

Q: The second-order condition for a firm maximizing its profits operating in a perfectly competitive…

A: Profit is maximized at the point where the marginal cost is equal to marginal revenue.

Q: Which of the following characteristics does NOT describe a perfectly competitive market? Group of…

A: The market is a location where the transaction of services and commodities takes place. It is…

Q: Identify whether or not each of the following scenarios describes a competitive market, along with…

A: * ANSWER :-  * In a small town......... No, not many sellers ( There few firms dominating the…

Q: of the following, what is the best example of a perfectly competitive market? Select the best…

A: Competition is a feeling of rivalry that takes place between the firms.

Q: A perfectly competitive industry achieves allocative efficiency in the long run. What does…

A: Answer: Correct option: (C) Explanation: Allocative efficiency: allocative efficiency in the long…

Q: Consider a hypothetical market for milk. The market is perfectly competitive. A equal, what happens…

A: Demand curve shows a negative relationship between price and quantity demanded. Supply curve shows a…

Q: Which of the following is characteristic of a perfectly competitive market? a. There is free entry…

A: A market is determined as perfectly competitive, Monopoly, or any other form according to its…

Q: perfectly competitive market

A: There are 2 market forms: Perfect and Imperfect market form. These includes markets like: Perfect…

Q: A perfectly competitive market arises when A) there are few buyers and many sellers. B) each of the…

A: A market is a place or a region where the buyers and sellers interact with each other to exchange…

Q: Which of the following is always true when a perfectly competitive firm is producing at a profit…

A: In perfect competition, price is always constant. Marginal cost equals the increase in total cost…

Q: When new firms enter a perfectly competitive market in which firms are making an economic profit,…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Determine a perfectly competitive firm’s profit-maximizing output level and profit in the short run.

A: Perfect competition refers to the type of market organization in which there are many buyers and…

Q: Identify whether or not each of the following scenarios describes a competitive market, along with…

A: In any market such as cereal and oil market, the interplay between market demand and market supply…

Q: Which of the below will NOT occur if exitings firms are earning positive economic profits in a…

A: The perfectly market would result in the many buyers and many buyers sellers in the market. The…

Q: Draw a long-run supply curve for a competitive market with identicalfirms, and describe its…

A: The long‐run market supply curve is found by examining the responsiveness of short‐run market supply…

Q: In the short run, a perfectly competitive firm's economic profits   Question 7 options:   must be…

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

Q: If the price was given what is the formula equation to figure the "profit-maximizing quantity of…

A: Perfect competition is a market situation where there are many buyers and sellers. Thus, the firm is…

Q: Identify whether or not each of the following scenarios describes a competitive market, along with…

A: In case of Perfectly Competitive Market, there are large number of buyers and sellers. The product…

Q: In the model of perfectly competitive markets, the market outcome is allocatively efficient because…

A: Perfectly competitive markets are said to be allocatively efficient. They produce quantities by…

Q: Which of the followings is the basic trait of a Perfectly Competitive market? The market has only…

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

Q: Which of the following is a key assumption of a perfectly competitive market? Firms have influence…

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

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: Choose a description that is the least appropriate description of a perfectly competitive market.…

A: A perfectly competitive market happens when all organizations sell indistinguishable items, a…

Q: a "perfectly competitive" market, each business is selling a product that is very similar (maybe…

A: Perfect competition is the market structure where there are large no of buyers and sellers selling…

Q: If the Long Run Price in a perfectly competitive market is 5 and the market demand is Q=50-P and if…

A: A perfectly competitive firm is a price taker, i.e., it takes the price set by the market forces and…

Q: Which of the following is NOT a charactersitic of the model of perfectly competitive market? a)…

A: There are a large number of buyers and sellers in a perfectly competitive market and sellers in a…