Write down the attributes of a perfectly competitive market (200 words).

what is the effect on the market price and output of hambyrgers with reference to the following? A. An increase in the income of consumers B. wide spread disease of beef C. Dramatic improvement in fast food technology

Which of the following would be the closest to a perfectly competitive market? O Soda Smartphones Wheat O Jeans

According to the graph below answer the following questions: 1. What is the profit-maximizing quantity 2. What is the total revenue at that quantity 3. What is the total cost at that quantity 4. How much is the total profit at that quantity Perfect Competition with a price of $18. Price $25 $18 $15 70 Quantity 130 MC 160 ATC

a) What is the profit maximising condition in a market with perfect competition?b) Explain what is meant by abnormal profit? What is the adjustment process from short-run abnormal profit to long-run equilibrium in a perfectly competitive market?c) Please find below Pricing options for firm A and B, along with individual payoffs (Firm A’s payoff/Firm B’s payoff)Firm BFirm APrice £2 Price £1Price £2 £20,000/£20,000 £10,000/£24,000Price £1 £24,000/£10,000 £12,000/£12,000Assume you are the pricing manager at Firm A;i) What is your payoff for a ‘maximin’ strategy?ii) What is your payoff for a ‘maximax’ strategy?iii) Does a dominant strategy exist within this prisoners’ dilemma?

In a perfectly competitive market all producers sell

What form of competition best characterizes this market? What characteristics did you identify that led you to that conclusion?coffee shop market

ume the pizza market is a perfectly competitive constant cost industry, and all firms have identical homogenous firms). The market demand and market supply functions for this perfectly competit stry are given below. L 0 1 2 3 4 5 6 7 8 9 q=TP 0 10 20 30 40 50 60 70 80 90 TC 100 205 2.45 280 340 430 545 720 930 1190 P = 30.5-.005Q P = 1.7+.003Q TFC TVC 100 0 100 105 20.50 10.50 100 145 12.25 7.25 100 180 9.33 6.00 100 240 8.50 6.00 100 330 8.60 6.60 100 445 9.08 7.42 100 620 10.29 8.86 100 830 11.63 10.38 100 1090 13.22 12.11 ATC AVC MC 10.50 4.60 3.50 6.00 9.00 11.5 17.50 21.00 26.00

In a perfectly competitive market      A) only producers are price makers. B) all producers and consumers are price takers. C) all producers and consumers are price makers. D) only consumers are price taker.

What is special about a purely competitive market?