The most perfect competitive industry in the given list of industries.

Question

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Answer 1

Question

Chapter 12, Problem 1P

To determine

To find:

The most perfect competitive industry in the given list of industries.

Expert Solution & Answer

Answer to Problem 1P

Option b. Fast food industry, and Option e. Clothing industry are most likely to be perfectly competitive market.

Explanation of Solution

Fast food industry and clothing industry are most likely to be perfectly competitive because a perfectly competitive market is an organized market with the liberty of free entry and exits of firms, and both the sellers and buyers have perfect knowledge about the market and prevailing prices. However, the price of goods and services in the fast food industry and clothing industry is determined by the market forces, demand and supply, and every firm must follow the price determined by the industry.

The Chicago board of trade and NY stock exchange belong to monopolistically competitive market, while the computer software industry belongs to oligopoly market.

Economics Concept Introduction

Perfect competition:

Perfect competition is that market structure in which large number of buyers and sellers of a commodity exist, and firms sell a homogeneous product. Under this market, firms are the price taker and buyers and sellers contain perfect knowledge about the prevailing market condition.

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Answer 2

Question

Chapter 12, Problem 1P

To determine

To find:

The most perfect competitive industry in the given list of industries.

Expert Solution & Answer

Answer to Problem 1P

Option b. Fast food industry, and Option e. Clothing industry are most likely to be perfectly competitive market.

Explanation of Solution

Fast food industry and clothing industry are most likely to be perfectly competitive because a perfectly competitive market is an organized market with the liberty of free entry and exits of firms, and both the sellers and buyers have perfect knowledge about the market and prevailing prices. However, the price of goods and services in the fast food industry and clothing industry is determined by the market forces, demand and supply, and every firm must follow the price determined by the industry.

The Chicago board of trade and NY stock exchange belong to monopolistically competitive market, while the computer software industry belongs to oligopoly market.

Economics Concept Introduction

Perfect competition:

Perfect competition is that market structure in which large number of buyers and sellers of a commodity exist, and firms sell a homogeneous product. Under this market, firms are the price taker and buyers and sellers contain perfect knowledge about the prevailing market condition.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 12, Problem 1P

To determine

To find:

The most perfect competitive industry in the given list of industries.

Expert Solution & Answer

Answer to Problem 1P

Option b. Fast food industry, and Option e. Clothing industry are most likely to be perfectly competitive market.

Explanation of Solution

Fast food industry and clothing industry are most likely to be perfectly competitive because a perfectly competitive market is an organized market with the liberty of free entry and exits of firms, and both the sellers and buyers have perfect knowledge about the market and prevailing prices. However, the price of goods and services in the fast food industry and clothing industry is determined by the market forces, demand and supply, and every firm must follow the price determined by the industry.

The Chicago board of trade and NY stock exchange belong to monopolistically competitive market, while the computer software industry belongs to oligopoly market.

Economics Concept Introduction

Perfect competition:

Perfect competition is that market structure in which large number of buyers and sellers of a commodity exist, and firms sell a homogeneous product. Under this market, firms are the price taker and buyers and sellers contain perfect knowledge about the prevailing market condition.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 12, Problem 1P

To determine

To find:

The most perfect competitive industry in the given list of industries.

Expert Solution & Answer

Answer to Problem 1P

Option b. Fast food industry, and Option e. Clothing industry are most likely to be perfectly competitive market.

Explanation of Solution

Fast food industry and clothing industry are most likely to be perfectly competitive because a perfectly competitive market is an organized market with the liberty of free entry and exits of firms, and both the sellers and buyers have perfect knowledge about the market and prevailing prices. However, the price of goods and services in the fast food industry and clothing industry is determined by the market forces, demand and supply, and every firm must follow the price determined by the industry.

The Chicago board of trade and NY stock exchange belong to monopolistically competitive market, while the computer software industry belongs to oligopoly market.

Economics Concept Introduction

Perfect competition:

Perfect competition is that market structure in which large number of buyers and sellers of a commodity exist, and firms sell a homogeneous product. Under this market, firms are the price taker and buyers and sellers contain perfect knowledge about the prevailing market condition.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 12, Problem 1P

To determine

To find:

The most perfect competitive industry in the given list of industries.

Expert Solution & Answer

Answer to Problem 1P

Option b. Fast food industry, and Option e. Clothing industry are most likely to be perfectly competitive market.

Explanation of Solution

Fast food industry and clothing industry are most likely to be perfectly competitive because a perfectly competitive market is an organized market with the liberty of free entry and exits of firms, and both the sellers and buyers have perfect knowledge about the market and prevailing prices. However, the price of goods and services in the fast food industry and clothing industry is determined by the market forces, demand and supply, and every firm must follow the price determined by the industry.

The Chicago board of trade and NY stock exchange belong to monopolistically competitive market, while the computer software industry belongs to oligopoly market.

Economics Concept Introduction

Perfect competition:

Perfect competition is that market structure in which large number of buyers and sellers of a commodity exist, and firms sell a homogeneous product. Under this market, firms are the price taker and buyers and sellers contain perfect knowledge about the prevailing market condition.

Answer 6

Chapter 12, Problem 1P

To determine

To find:

The most perfect competitive industry in the given list of industries.

Expert Solution & Answer

Answer to Problem 1P

Option b. Fast food industry, and Option e. Clothing industry are most likely to be perfectly competitive market.

Explanation of Solution

Fast food industry and clothing industry are most likely to be perfectly competitive because a perfectly competitive market is an organized market with the liberty of free entry and exits of firms, and both the sellers and buyers have perfect knowledge about the market and prevailing prices. However, the price of goods and services in the fast food industry and clothing industry is determined by the market forces, demand and supply, and every firm must follow the price determined by the industry.

The Chicago board of trade and NY stock exchange belong to monopolistically competitive market, while the computer software industry belongs to oligopoly market.

Economics Concept Introduction

Perfect competition:

Perfect competition is that market structure in which large number of buyers and sellers of a commodity exist, and firms sell a homogeneous product. Under this market, firms are the price taker and buyers and sellers contain perfect knowledge about the prevailing market condition.

Answer 7

Chapter 12, Problem 1P

To determine

To find:

The most perfect competitive industry in the given list of industries.

Answer 8

Expert Solution & Answer

Answer to Problem 1P

Option b. Fast food industry, and Option e. Clothing industry are most likely to be perfectly competitive market.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Fast food industry and clothing industry are most likely to be perfectly competitive because a perfectly competitive market is an organized market with the liberty of free entry and exits of firms, and both the sellers and buyers have perfect knowledge about the market and prevailing prices. However, the price of goods and services in the fast food industry and clothing industry is determined by the market forces, demand and supply, and every firm must follow the price determined by the industry.

The Chicago board of trade and NY stock exchange belong to monopolistically competitive market, while the computer software industry belongs to oligopoly market.

Answer 12

Economics Concept Introduction

Perfect competition:

Perfect competition is that market structure in which large number of buyers and sellers of a commodity exist, and firms sell a homogeneous product. Under this market, firms are the price taker and buyers and sellers contain perfect knowledge about the prevailing market condition.

Answer 13

Ch. 12 - Prob. 1P Ch. 12 - Prob. 2P Ch. 12 - Prob. 3P Ch. 12 - Prob. 4P Ch. 12 - Prob. 5P Ch. 12 - Prob. 6P Ch. 12 - Prob. 7P Ch. 12 - Prob. 8P Ch. 12 - Prob. 9P Ch. 12 - Prob. 10P

The most perfect competitive industry in the given list of industries.

To find: The most perfect competitive industry in the given list of industries.

Answer to Problem 1P

Explanation of Solution

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Chapter 12 Solutions

To find:

The most perfect competitive industry in the given list of industries.