8. Which of the following markets comes close to satisfyingthe assumptions of a perfectly competitive marketstructure?a. The stock market.b. The market for agricultural commoditiessuch as wheat or corn.c. The market for petroleum and natural gas.d. All of the above come close to satisfying theassumptions of perfect competition.

# A perfectly competetive market structure is characterized by large number of buyers and sellers.…

Answered: 8. Which of the following markets comes…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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7. Which of the following is true? a. Productive efficiency occurs in perfect competition because the firm produces at the minimum of the ATC curve. b. Allocative efficiency occurs when P = MC; production is allocated to reflect consumers' wants. C. Both Productive efficiency occurs in perfect competition because the firm produces at the minimum of the ATC curve and Allocative efficiency occurs when P = MC; production is allocated to reflect consumers' wants are true. d. None of these is true.
In the short run, profits when a competitive firm shuts down are-$8200, and they are -$350 when the firm continues to produce. This firm will minimize losses in the short run by Choose one: A. either shutting down or continuing to produce. O B. continuing to produce. O C. shutting down.
1. The manufacturers of printers are operating in a perfectly competitive market. Each printer sold for $150. Suppose that the cost to produce each of printers initially shows a short span of decreasing marginal costs, followed by an increase in the marginal costs. a. Draw a possible total cost curve for producing printers. For a given quantity (Q) (placed at any location you choose on the horizontal axis), show the corresponding profit. b. Draw the possible marginal cost curve for printer production. Indicate the maximum output level of profit.
Which of the following product/s is/are originally native to the New World?OA. WheatO B. CattleOC. CornO D. All of the above
3. Explain where a perfectly competitive firm's marginal revenue curve is located relative to price and demand. 4. What is the optimal output rule for profit maximization? Draw a graph to show the output level where a perfectly competitive firm maximizes profit.
4. The market for fertilizer is perfectly competitive. Firms in the market are producing output but are currently incurring economic losses. Draw a graph showing this situation for a firm in the short run.
QUESTION 46 The term market failure refers to a. a market that fails to allocate resources efficiently. b.an unsuccessful apvertising campaign which reduces demand. Oc. ruthless competition among firms. O d. a firm that is forced out of business because of losses.
A9 The characteristics of a "perfectly competitive" market require that there is 1) a large number of firms, 2) producing products that are identical across firms, 3) in an industry where there are no barriers to entry. It's unlikely that any industry accurately reflects these extreme assumptions, but what industries can you think of that do display these characteristics at least to some extent? Try to identify the limits of your example in reflecting "perfect" competition.
#4. Agriculture in india is mostly characterized by perfectly competitive market why? Short answer quickly
Answer question 27
8.2
I need help with econ multiple hw questions asap! 64)In a competitive market that is characterized by free entry and exit, what will be the result? A. All firms will operate at efficient scale in the short run. B. The number of sellers in the market will steadily decrease over time. C. All firms will operate at efficient scale in the long run. D. The price of the product will differ across firms. 63)Where is the competitive firm’s short-run supply curve located? A. the part of the average-total-cost curve that lies above marginal cost B. the part of the average-variable-cost curve that lies above marginal cost C. the part of the marginal-cost curve that lies above average variable cost D. the part of the marginal-cost curve that lies above average total cost

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