Write down some examples of industries that are (close to) perfectly competitive. What attributes do they have to be considered perfectly competitive?

Q: What is the competitive structure of the firms listed below and why? A restaurant in a small,…

A: Monopoly: - monopoly market structure is the structure in which there is only one seller of any good…

Q: what is difference between perfect and pure competition? Highlight the assumptions of perfect…

A: Pure Competition is a subpart of perfect competition Pure competition is a market situation where…

Q: must a perfectly competitive industry be in the long run equilibrium if a perfectly competitive firm…

A: The perfectly competitive firm are price takers who accept the industry price. No single firm has…

Q: Will a Perfectly competitive market display productive efficiently? Why or why not?

A: A perfectly competitive market is the one where there are a large number of buyers (consumers) or…

Q: At what point does a firm in a perfectly competitive industry shut down? Explain with graph.

A: In a perfectly competitive industry, at the profit maximizing level of output, when the market price…

Q: Small “Mom and Pop" firms sometimes exist even though they do not earn economic profits. How can you…

A: Small “Mom and Pop" firms sometimes exist even though they do not earn economic profits. The…

Q: Which are the most likely to be produced in a perfectly competitive industry?

A: A completely competitive market is one in which all businesses sell the same product and where…

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: In perfect competition, why do firms act as price takers? What happens if they charge a different…

A: In a perfect competitive market, the firm will earn a super normal profit in the short run,…

Q: If you are the manager of a perfectly competitive firm that is making a loss (TR < TC), would you…

A: Any manager worth his salt would aspire to maximize profits and minimize losses.  When the total…

Q: is walmart an example of perfect competition ? Discuss the product they sell, entry and exit to the…

A: Wal-Mart is not the best example of perfect competition. As it can be configured as an oligopoly.…

Q: What are the major characteristics of a firm competing under conditions of perfect competition?

A: The perfect competition is a market structure which is characterized by the presence of a large…

Q: When would a seller possibly decide to exit the industry over the long run? What should product…

A:

Q: What are three short-run outcomes in the perfect competition? When a firm takes the short-down…

A: A perfect competition is a market structure in which many vendors and buyers are present. In this…

Q: What are three short-run outcomes in the perfect competition?

A: In the short-run, the perfect competitive firms, can have three outcomes.

Q: A perfectly competitive firm showing a profit

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

Q: Graph the following for a perfectly competitive firm: A graph showing the area of economic profit…

A: The perfect competitive market is the market with large number of buyers a seller with symmetric and…

Q: Under what conditions should a competitive firm shut down in the short run?

A: In the short term, a corporation that operates at a loss (where the income is less than the overall…

Q: How does a perfectly competitive firm decide what price to charge?

A: Firms in a perfectly competitive market cannot influence the price as there are large numbers of…

Q: Why is Perfect Competition an ideal market structure? Please explain

A: In a market, a perfect competition is considered as an ideal market when there is other markets like…

Q: Do you expect firms in perfectly competitive industries to have high profits in the short run? Why…

A: The perfectly competitive market is a form of market where unlimited no of buyer and seller exist,…

Q: There is no incentives to innovate in a perfect competition market. Do you agree? Explain.

A: When talking about perfectly competitive market, it is the place with a large number of buyers and…

Q: What is pure or perfect competition? Define and discuss.

A: A firm will  attain profit if its price exceeds average total cost

Q: If you're a manager in a highly competitive business such where should you put your most effort to…

A: As a manager ,the primary responsibility is to look in the profits of the business. Business can be…

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: The vast majority of industries are probably not perfectly competitive. Why then do you suppose…

A: * ANSWER :-  * Perfect competition is the most straightforward industry structure, and it serves as…

Q: What are the conditions that distinguish perfect competition from other market structures?

A: In case of Perfect Competition there are large number of buyers and sellers selling identical…

Q: At the profit-maximizing output level, what will be the relationship between the perfectly…

A: Perfect competition: Perfect competition is a market structure where exists a large number of…

Q: Can you explain what is Perfect Competition and how does Perfect competition work?

A: Market structure refers to the place where the transaction of goods and services takes place between…

Q: explains why in perfect competition, there are no economic profits or losses in the long run?

A: A market is a place where the buyers and sellers interacts with each other and decides to exchange…

Q: Identify a perfectly competitive firm

A: A perfectly Competetive firm is a price taker it means it has to accept the market prevailing price.…

Q: Briefly describe what the effect of producing a greater quantity of products will be in relation to…

A: Introduction A perfectly competitive firm simply has to make one fundamental decision: how much to…

Q: How does a firm in perfect competition decide what price to charge? What quantity to produce?…

A: A perfect competition(PC) market is one with many consumers and sellers producing identical…

Q: Write down the assumptions of perfect competition

A: Basic assumptions of a perfectly competitive market: 1. large number of buyers and sellers - It…

Q: explain how the costs of the firm are calculated, and the way that prices are determined in perfect…

A: Perfect competition refers to a market situation in which there are many buyers and sellers in the…

Q: Explain why a company would shut down in the short run.

A: The shut down point is the point at which a firm decides to seize its operations in the short run…

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: What is Perfect competition? (50 words only)

A: A market arrangement in which numerous enterprises provide a homogeneous product is known as perfect…

Q: What does perfect competition mean and what are the concepts of it?

A: Perfect competition refers to the market structure featuring more number of sellers and buyers in…

Q: Describe a perfectly competitive market structure and its characteristics?

A: Perfectly competitive market structure is the market structure in which,there is no or negligible…