William Shepherd’s research of U.S. industries showed a clear trend in the competitiveness of the U.S. economy between 1958 and 2000. Is the economy growing more or less competitive, and how did Shepherd explain this trend?

Q: Help me answer this review question. Fill in the Blanks.  An increase in the price of shirts will…

A: In a market, any change in market price will lead to influence the production decision of the firms.

Q: The number of firms in an industry is not always a good indicator of the extent to which that…

A: The number of sellers in an industry determines the market share of the firm. A large number of…

Q: What is then the use or relevance of the purely competitive model?

A: Pure competition is a market system in which multiple firms compete for the same clients. The best…

Q: Why do economists believe that economic profit is the more accurate measure of a business success?…

A: Accounting profit only considers the cost that has actually happened, but economic profit considers…

Q: Roots Wholefoods sells fruit and vegetables in a perfectly competitive market. Which of these…

A: Given : Roots Wholefoods sells fruits and vegetables in a perfectly competitive market.

Q: Many firms in the United States file for bankruptcy every year, yet they still continue operating.…

A: The costs of production include both the fixed costs as well as the variable costs. The fixed costs…

Q: Which of the following conditions describe a perfectly competitive market?

A: Perfectly competitive market is a rare type of market which is difficult to find in the real…

Q: In the long run, perfectly competitive firms make zero economic profit. If this is the case, why…

A: When a company's economic profit is zero, it is in a state of normal profit, which is why normal…

Q: State what market structure exists in Jamaica since the early 2000s. Explain if excess profit will…

A: Since early 2000s monopolistic competition exists in Jamaica.

Q: What evidence of economic competition do you see in your everyday life? what evidence do you see on…

A: Economic competition refers to the situation where the firms in the economy compete with each other…

Q: What type of organization is appropriate in the competitive business environment?Please explain with…

A: Competitive business environment:-  A competitive environment can be explained as a framework…

Q: In a perfectly competitive market, how do we go from a short run equilibrium to a long run…

A: A perfect competitive market is one there many firms offer homogenous product to a large group of…

Q: WHY SOME FIRMS MIGHT BE ABLE TO CONTINUE TO MAKE AN ACONOMIC PROFIT IN THE LONG RUN?

A: A monopoly occurs when a single person or corporation serves as the exclusive supply of a certain…

Q: Who said “The customer experience is the next competitive battleground” ?

A: Customer experience refers to the perception of a business by the customers. It is formed when a…

Q: In recent years in the brewing industry, a couple of large firms that have historically had most of…

A: The four forms of competition in the market are pure competition or perfect competition,…

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: Small “Mom and Pop firms,” like inner city grocery stores, sometimes exist even though they do not…

A: “Mom and Pop firms” is a small independent business entity where the ownership and operations are…

Q: Explain why economic profits in all perfectly competitive markets will tend toward zero in the long…

A: A perfectly competitive market is a market consist of large number of buyers and sellers, selling…

Q: Many firms, especially in perfectly competitive markets, file for bankruptcy every year, yet they…

A: Firms will shut down when their cost exceed revenue and they cannot continue to compete in the…

Q: Competitive Trends in the U.S. Economy) William Shepherd’s research of U.S. industries showed a…

A: In between 1958 and 2000 the U.S economy’s competitiveness shows an increasing trend. The increase…

Q: Looking around your city, what businesses do you think come closest to the model of a perfectly…

A: Looking around, we see that there are very very few businesses that fit into the description of a…

Q: The equilibrium of a competitive industry is:   A neither efficient nor equitable   B equitable…

A: A competitive industry is one with many sellers and many buyers. In this market, a large group of…

Q: Which of the following industries most closely approximates the perfectly competitive model? (a)…

A: A producer is a person who manufactures the final product by combining different types of inputs for…

Q: The decision to continue competing in a market depends upon the answers to the following questions…

A: To sustain in the market ones have to bear the fixed cost in the short run as we know.  Compete with…

Q: Q3 : Elaborate the Perfect Competition Model in detail.

A: Perfect competition describes a market structure wherever competition is at its greatest doable…

Q: How do firms in a competitive market work?

A: Perfect competition is a market where there are lage number of seller and buyers of identical and…

Q: What are the unique characteristics of a perfectly competitive market structure compared to the…

A: Perfect competition refers to the situation where there are many buyers and sellers exist in the…

Q: Many firms in the United States file for bankruptcy every year, yet they still continue operating.…

A: Filling for bankruptcy does not mean that the firms have to shut down. In the US the bankruptcy laws…

Q: you've been learning about what makes a market perfectly competitive, how a firm in a perfectly…

A: Perfectly competitive market: In this type of market there are a huge number of buyers and sellers…

Q: What is brand equity? List the components of brand equity, and describe how they provide value to…

A: The premium value helps the company in generating a value of its own when it is compared to the…

Q: Do you think firms really try to maximize profits? Do firms (especially small ones) know what prices…

A: Economist generally assume that firms act as profit maximisers. Economists don’t think there’s…

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: List and explain the importance of each of the five characteristics of purely competitive markets.

A: It is a market circumstance where there is an enormous number of seller of an item which can't be…

Q: Why do firms, in the long run, continue to stay in the industry if they are earning 0 profits?

A: Answer - In the long run where the every input can vary and as in the long run where firms can make…

Q: why competitive firms stay in business if they make zero profit?

A: First it should be clear that zero economic profit means that total Total Revenue is equal to the…

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: Is it even better for perfectly competitive firms to produce output even though it is losing money?…

A: In economic theory, perfect competition occurs when all companies sell the same products, market…

Q: A single firm in a perfectly competitive market is relatively small compared to the rest of the…

A: In the ‘perfect competition(PC)’ all firms sell ‘identical products’ that are homogeneous. Here all…

Q: 2. On the other hand, the General Motors went on a different direction. General Motors was founded…

A: Perfectly competitive market has large number of buyers and sellers. There is free entry and exit…