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Microeconomics For Today (MindTap Course List)
9th Edition
ISBN: 9781305507111
Author: Irvin B. Tucker
Publisher: Cengage Learning
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Question
Chapter 8, Problem 1SQ
To determine
The characteristics that are not the features of a
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Students have asked these similar questions
Why do sellers in perfectly competitive industries have no market power?
a. There are large number of buyers and sellers.
b. They all sell the same/identical goods.
c. There are perfect substitutes available for the goods sold by any particular seller because they all sell identical goods.
d. All of the above.
e. None of the above.
Columbia’s coffee producers operate in a perfectly competitive industry.
The market price for a pound of coffee is determined by?
A.the Columbian government.
B.the intersection of world supply and world demand for coffee.
C.the international coffee federation.
D.Columbian coffee farmers.
Choose the one alternative that best that answers the question. Assume the market for organic produce is perfectly competitive. All else being equal, as more farmers choose to produce and sell organic produce, in the long-run,
Select one:
a. The equilibrium price is likely to increase, and profits are likely to remain unchanged.
b. The equilibrium price is likely to remain unchanged, and profits are likely to increase.
c. The equilibrium price is likely to decrease, and profits are likely to decrease.
d. The equilibrium price is likely to increase, and profits are likely to increase.
e. Both the equilibrium price and quantity are likely to remain unchanged.
Chapter 8 Solutions
Microeconomics For Today (MindTap Course List)
Ch. 8.5 - Prob. 1YTECh. 8.5 - Prob. 2YTECh. 8 - Prob. 1SQPCh. 8 - Prob. 2SQPCh. 8 - Prob. 3SQPCh. 8 - Prob. 4SQPCh. 8 - Prob. 5SQPCh. 8 - Prob. 6SQPCh. 8 - Prob. 7SQPCh. 8 - Prob. 8SQP
Ch. 8 - Prob. 9SQPCh. 8 - Prob. 10SQPCh. 8 - Prob. 11SQPCh. 8 - Prob. 12SQPCh. 8 - Prob. 1SQCh. 8 - Prob. 2SQCh. 8 - Prob. 3SQCh. 8 - Prob. 4SQCh. 8 - Prob. 5SQCh. 8 - Prob. 6SQCh. 8 - Prob. 7SQCh. 8 - Prob. 8SQCh. 8 - Prob. 9SQCh. 8 - Prob. 10SQCh. 8 - Prob. 11SQCh. 8 - Prob. 12SQCh. 8 - Prob. 13SQCh. 8 - Prob. 14SQCh. 8 - Prob. 15SQCh. 8 - Prob. 16SQCh. 8 - Prob. 17SQCh. 8 - Prob. 18SQCh. 8 - Prob. 19SQCh. 8 - Prob. 20SQ
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Similar questions
- How do firms in a competitive market work?arrow_forwardEconomics 1. Rob Doe just started a ice cream business within a perfectly competitive market. The new business man was told that he would charge a price that is equal to marginal revenue. The market clearing price for ice cream is $20 dollars per scoop. The total cost for producing ice cream is given by: Total cost = q2 + 100q + 500 where q is the number of ice cream produced in a typical day. a. How many ice cream should Rob choose to produce to maximize profit? b. Calculate Rob's maximum daily profit c. Graph these results, and label Rob's supply curvearrow_forwardYou are the manager of a taco truck that is in a perfectly competitive industry comprised if identical firms. The cost of taco ingredients increases form $15 to $20 per hundred pounds. a. In the short run, how do you respond to the increases in the price of ingredients? b. Describe the long-run adjustments that take place in the market place. c. What long-run decisions will you make as the manager of your firm?arrow_forward
- What is long run and short run production? What is immediate market periodarrow_forwardA requirement for a perfectly competitive market is that the sellers sell identical products (consumers don't care who makes the products sold in that market). Think about this from the perspective of the seller. What are the benefits of this? What are the drawbacks?arrow_forwardWhy do sellers in perfectly competitive industries have no market power? choose from answers below a. There are large number of buyers and sellers. b. They all sell the same/identical goods. c. There are perfect substitutes available for the goods sold by any particular seller because they all sell identical goods. d. All of the above. e. None of the above.arrow_forward
- You read in a business magazine that farmers are reaping high profits. With the theory of perfect competition in mind, what do you expect to happen over time (in the long run) to each of the following? a. The prices of agricultural products b. The profits of farmers c. The equilibrium output in agricultural markets d. The number of farmsarrow_forward1. Does a perfectly competitive market exist in real life? Look at the following markets and describe how close they are to perfect competition. i. Market for bottled water. ii. Market for foreign currency (say US$). iii. Market for pork buns.arrow_forward31. Which of the following is the best example of a perfectly competitive market? a. soft drinks b. farm products c. diamonds d. athletic shoesarrow_forward
- Which of the following is a reason why firms in a perfectly competitive market have no influence over price? a.Buyers and sellers lack perfect information about the product and pricing. b.All firms in the market sell identical products. c.Barriers exist to enter the market. d.There are many sellers that produce similar, but not identical, products..arrow_forwardYou read in a business magazine that farmers are reaping high profits. With the theory of perfect competition in mind, what do you expect to happen over time (in the long run) to each of the following? a. The prices of agricultural products how will this affect the market equilibrium price of the agricultural products? Will it remain the same, increase or decrease?arrow_forwardIn the long-run equilibrium in a perfectly competitive market,: a . the firms make an economic profit . b. the firms' owners make a normal profit . C. the average total cost is maximized . d . marginal cost is at a minimum .arrow_forward
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