1.Compare the efficiency outcome of pure competition with that of one imperfectly competition market .conclude your analysis on why government of modern mixed economics invariably enact some form of legislation to promote competition.

Q: In this week’s discussion we focus on market competition and the power of firms to set prices. (a)…

A: Since you have posted multiple questions, we will provide the solution only to the first question as…

Q: 1. Farmers are often heard to complain about the high costs of machinery, labor, and fertilizer,…

A: While a reduction in the cost of fertilizer may potentially have a positive impact on farmers'…

Q: 10. Productive and allocative efficiency Which of the following conditions guarantee that a firm…

A: A firm is performing efficiently whenever its overall production units are effectively consumed. It…

Q: 1. Price searchers can set the price of their product. Does this mean that price searchers will…

A: The detailed explanation for both parts is as follows:-

Q: 1.  Explain how the long run differs from the short run in pure competition. 2.  The basic model of…

A: 1. In the short run, when plants and gear are fixed, the organizations in an absolutely competitive…

Q: 14. Use the following data to answer questions a through d. Quantity Supplied 192 Quantity Demanded…

A: Perfect competition is characterised by a huge number of buyers and sellers, perfect knowledge and…

Q: 15. Firms in a market are earning normal profits. Demand falls and the market price follows. Explain…

A: At perfect competitive equilibrium, price = marginal cost= average cost. Firms earn normal profits.…

Q: 1.What is the primary mechanism that allows perfectly competitive markets to reach long-run…

A: 1)Primary mechanism that allows firms to reach long run equilibrium is that Firms freely enter or…

Q: 7.a. What is the market price of a smoothie? 7.b. What is the market quantity of smoothies? 7.c. How…

A: The study of how firms make decisions and allocate resources in the face of restrictions is known as…

Q: 15. The long-run equilibrium (price, output, and a number of firms) in a perfectly competitive…

A: In perfect competition, the long-run equilibrium refers to a state of balance that occurs after all…

Q: None

A: Marginal revenue is the additional revenue generated by selling one more unit of a good or service.…

Q: When a company has market power, it is _____ in its market

A: Introduction  Market power is the ability of a business to set their prices above a level that would…

Q: Which of the following statements is TRUE? Select one: a. If a profit-maximizing firm in a perfectly…

A: In a perfectly competitive market, all organizations are price takers, meaning they can't impact the…

Q: True or False: "In a perfectly competitive market, firms have no market power and must accept the…

A: A perfectly competitive model refers to a market situation at which there are many buyers and…

Q: Q: How would each of the following affect the market supply curve for tobacco plant in North…

A: A market supply curve is a graphic representation of several separate supply curves put together.…

Q: Using the information in the table above, complete the following supply schedule for a company in…

A: Cost analysis is important concept of microeconomics, and very essential in modern business world

Q: 2. Graph below shows costs, price (vertical axis), and quantity of good X (horizontal axis) for firm…

A: Approach to solving the question: Detailed explanation: Let's analyze the provided graph to…

Q: Label on the figure the names of the axis and the represented cost curves Provide the shutdown price…

A: A perfectly competitive firm is a price taker, which means it takes the price set by the market…

Q: Q5 Why will a perfectly competitive firm not sell its product below the prevailing market price? a.…

A: Under perfect competition, sellers are price takers. They can not set desirable price. In this…

Q: The following graph illustrates the market for small moving trucks in Bloomington, IN, during…

A: A perfectly competitive firm is a price taker, which means the price in the market is determined by…

Q: In a perfectly competitive market, which of the following will increase the economic profit the…

A: As the demand increases, the demand curve shifts towards right and will intersect the original…

Q: 7. Which of the following is true? a. Productive efficiency occurs in perfect competition because…

A: 7.In perfect competition,both productive and allocative efficiency is there.That would be the case…

Q: 1. The manufacturers of printers are operating in a perfectly competitive market. Each printer sold…

A: We are going to use profit maximisation method for perfectly competitive market to answer this…

Q: 1. Competitive market, Practice Question Wheat farmer Joe has the cost function of C(q) = 160,000 +…

A: A perfectly competitive firm is a price taker, which means it takes the price set by the market…

Q: In a perfectly competitive market Select one: a. each firm takes the good's price as given to it by…

A: When talking about perfectly competitive market, it is said that it is the most common market form…

Q: Question 15 In what case might a single seller be preferred to a competitive market? O If the single…

A: Monopoly is the market structure where a single seller sale the product at high price to maximize…

Q: Your firm operates in a perfectly competitive market. The market price is above both  your firm’s…

A: Here in the Y axis is the price of commodity and in x axis the demand for the commodity. The price…