explain three conditions that characterise a perfectly competitive market

Q: Use a graph to demonstrate the circumstances that would prevail in a perfectly competitive market…

A: A perfectly competitive firm is price taker. The market price it faces is constant. This implies…

Q: Explain how the long-run equilibrium in a perfectly competitive industry achieves 'allocative…

A: When profit-maximizing companies in perfectly competitive markets combine with utility-maximizing…

Q: Why will losses for firms in a perfectly competitive industry tend to vanish in the long run?

A: A perfectly-competitive(PC) market is one where there are infinite number of buyers & sellers…

Q: Describe any four requirements for a perfectly competitive goods market

A: A perfectly competitive market refers to the place where sellers charge the same price from buyers…

Q: Identify the defining characteristics of a competitive market.

A: Perfect or pure competition is a form of market in which a large number of perfectly informed buyers…

Q: A perfectly competitive firm does not increase its quantity of output without limit, even though it…

A: Answer: Introduction: A perfectly competitive firm is a price taker. In perfect competition, firms…

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: Explain why perfectly competitive firms are classified as a price taker

A: Answer - Price Taker Firm - The price taker firm are those firm who has not the ability to influence…

Q: Use the following demand-and-cost information vis-à-vis three firms: Firm A, Firm B, and Firm C…

A: a) From the given table we can understand that Firm C operates in a perfectly competitive market.…

Q: Why will profits for firms in a perfectly competitive industry tend to vanish in the long run?

A: Perfectly competitive markets are the one's where there are multiple buyers and sellers, products…

Q: If the price of a product produced by a perfectly competitive firm falls below the average total…

A: Perfect competition refers to the situation where there are many buyers and sellers exist in 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: Since a perfectly competitive firm can sell as much as it wishes at the market price, why can the…

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

Q: Fabulous Farms operates in a perfectly competitive market. Which of the following is required for…

A: In a perfect competition market there is large number of buyer and sellers of good, also in…

Q: explain four assumptions of perfectly competitive mar

A: In economics, the market for various products in the economy is differentiated on the basis of…

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: Which of the following is true for a perfectly competitive industry?

A: option 3 is rhe correct answer The firm in industry produce standardized products  It's dentical…

Q: Goldbar is an energy bar firm selling in a perfectly competitive market but is considering the…

A: A theoretical market structure is referred to as perfect competition. There are no monopolies under…

Q: What prevents a perfectly competitive firm from seeking higher profits by increasing the price that…

A: In a perfectly-competitive market, there are theoretically infinite number of frim. Each firm here…

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: List the requirements for a perfectly competitive goods market.

A: For a particular production process, there has to be some factors of production available. For…

Q: Based on the characteristics of perfectly competitive market explain why firms in this market are…

A: Perfect competition is a type of market structure in which there are large number of buyers and…

Q: Comment on the Demand curve of a firm operating in perfectly competitive market

A: Perfectly competitive market has many buyers and sellers and the good being sold is 100% homogenous…

Q: Explain why a perfectly competitive firm would or would not advertise.

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

Q: 30) Which one of the following is true for a perfectly competitive industry? a) there are many big…

A: The market is the collection of buyers and sellers in which they exchange goods and services in…

Q: Describe how we can identify a competitive firm’s short-run supply curve.

A: In a monetary market all production continuously happens in the short run. The short run is the…

Q: In a perfectly competitive market, what is the marginal revenue curve

A: Meaning of Perfectly Competitive Market: The perfectly competitive market exists when there is a…

Q: Explain whether a perfectly competitive market is more efficient for buyers to buy or sellers to…

A: When perfectly competitive markets combine with utility-maximizing buyers, the resulting quantity of…

Q: For a perfectly competitive firm, what is the relationship between Price and Marginal Revenue?

A: For a perfectly competitive firm price is equal to marginal revenue

Q: 2. List the features that characterize a perfect competitive market.

A: 2. Feature of perfect competition market:- * Large number of buyers and sellers. * homogeneous/…

Q: What are the requirements for a perfect competition market?

A: Competitive market: - it is a market condition where there are many buyers and many sellers in the…

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: In a perfectly competitive market, please compare the short run and long run prices in an increasing…

A: Perfect competition refers to the market structure where there are a large of number of buyers and…

Q: Can you think of a product that meets at least most of the criteria required for a perfectly…

A: Perfectly competitive market refers to the market which has been characterized by the presence of…

Q: Predict and explain the long run equilibrium of a firm operating in a perfectly competitive market?

A: The structure of the market where there are a large number of buyers and sellers selling homogenous…

Q: Why is the marginal revenue curve for a perfectly competitive firm the same as its demand curve?

A: Perfect or pure competition is a form of market in which a large number of perfectly informed buyers…

Q: Suppose the book-printing industry is a competitive market, and it begins with a long run…

A: There are two possibilities, since you did not mention if the firm is incurring profit or loss in…

Q: Illustrate and fully discuss the derivation of the demand curve for a perfectly competitive firm

A: Perfect Competition Conditions An economic examination of a company's production decisions considers…

Q: A perfectly competitive firm is making a loss if

A: We have to find a perfectly competitive firm is making a loss.

Q: Explain how the profit-maximizing rule of setting P = MC leads a perfectly competitive market to be…

A: In a perfectly competitive market, there are large number of buyers and sellers in the market…

Q: The market supply curve in a perfectly competitive market is typically?

A: A firm in a perfectly competitive market is a price taker. It has a supply curve which is the rising…

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: What is the meaning of ‘acceptable loss’ for a perfectly competitive firm ?

A:

Q: What are the characteristics needed for a perfectly competitive market?

A: In a perfect competitive market, there is a number of buyers and sellers, selling similar products.…

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…