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A market is said to be purely competitive if there is a large number of (gap), the output of all firms are (gap) and there is (gap)

A market is said to be purely competitive if there is a large number of (gap), the output of all firms are (gap) and there is (gap)

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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A market is said to be purely competitive if there is a large number of (gap), the output of all firms are (gap) and there is (gap) 2. Spill-over cost, also known as (gap) is a term used to describe some loss or damage that a (gap) causes a third party 3. (gap) also known as positive externalities occurs when the consumption or (gap) causes a benefit to a third party 4. Large number of sellers and buyers -plurality -consumer welfare -homogeneity -free entry and exit -allocation of resources 5. Outputs are homogenous -consumer welfare -spill-over benefits -plurality -mobility of resources -identical 6. No artificial obstacles or barriers -allocation of resources -free entry and exit -plurality -identical -spill-over benefits 7. Modified by fiscal or governmental action -market failure -allocation of resources -artificial obstacles -unbridled competition -spill-over cost 8. Producers tend to ignore cost that they can a -inefficient allocation of resources
Transcribed Image Text:A market is said to be purely competitive if there is a large number of (gap), the output of all firms are (gap) and there is (gap) 2. Spill-over cost, also known as (gap) is a term used to describe some loss or damage that a (gap) causes a third party 3. (gap) also known as positive externalities occurs when the consumption or (gap) causes a benefit to a third party 4. Large number of sellers and buyers -plurality -consumer welfare -homogeneity -free entry and exit -allocation of resources 5. Outputs are homogenous -consumer welfare -spill-over benefits -plurality -mobility of resources -identical 6. No artificial obstacles or barriers -allocation of resources -free entry and exit -plurality -identical -spill-over benefits 7. Modified by fiscal or governmental action -market failure -allocation of resources -artificial obstacles -unbridled competition -spill-over cost 8. Producers tend to ignore cost that they can a -inefficient allocation of resources
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