Can you explain what is Perfect Competition and how does Perfect competition work?

Q: what is difference between perfect and pure competition? Highlight the assumptions of perfect…

A: Pure Competition is a subpart of perfect competition Pure competition is a market situation where…

Q: What industry is the closest example you can think of to perfect competition, and why? What are its…

A: The market structure, which has numerous buyers and sellers, is perfect competition. The market…

Q: What type of product by individual firms (none, total, some etc) are in a perfect competition and…

A: Perfect competition is a market structure in which all producers and consumers have complete and…

Q: Why do a firm's profit disappear in the long run?

A: The firms operating in the long run, have to adjust and abide by the time frame which would allow…

Q: why do economists and policy makers use perfect competition as a benchmark to analyze market…

A: Perfectly competitive market: - it is a market condition where there are many buyers and many…

Q: What are the advantages of pure competition?

A: Answer: A purely competitive business is the most efficient type of operation. This is due to the…

Q: What is pure or perfect competition? Define and discuss.

A: A firm will  attain profit if its price exceeds average total cost

Q: If you're a manager in a highly competitive business such where should you put your most effort to…

A: As a manager ,the primary responsibility is to look in the profits of the business. Business can be…

Q: Don't need AI answers pls   Explain the concept of perfect competition.

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

Q: When will a business shut-down in the short-run?

A: Short-run: - it is a short time period in which some factors of production are variable and some are…

Q: In the diagram below, profit is maximized at point ( give a short reason for the answer if possible)…

A: In economics, the profit is the net revenue received by the firm after deducting the total cost of…

Q: Using the model of perfect competition, explain what it means to say, “Too much electricity is…

A: Perfect competition refers to the situation where there are many buyers and sellers exist in the…

Q: Which 'Economies of Scale' creates imperfect competition and Why?

A: Economies of scale refers to a situation where there is fall in per unit output of average cost with…

Q: explains why in perfect competition, there are no economic profits or losses in the long run?

A: A market is a place where the buyers and sellers interacts with each other and decides to exchange…

Q: Can you give examples of companies with perfect competition?

A: The markets refer to the place where the buyers, and sellers interact. In the markets, the sellers…

Q: Can you create a graph showing perfect competition for grocery stores in a rural area ? And explain…

A: Perfect competition is when there are many number of buyers and sellers with no barriers to entry.…

Q: Write down the assumptions of perfect competition

A: Basic assumptions of a perfectly competitive market: 1. large number of buyers and sellers - It…

Q: Explain why a company would shut down in the short run.

A: The shut down point is the point at which a firm decides to seize its operations in the short run…

Q: Why is perfect competition assumed to be the best market situation in most cases? Draw a graph…

A: Why is perfect competition assumed to be the best market situation in most cases?Draw a graph…

Q: What is an example of another business that stays open even when it's slow, and its revenue does not…

A: A firm may decide to remain open even when it’s slow and revenue does not cover its costs. This can…

Q: What does perfect competition mean and what are the concepts of it?

A: Perfect competition refers to the market structure featuring more number of sellers and buyers in…

Q: Describe a couple examples of Perfect Competition

A: The perfectly competition refers to the market where larger number of buyers and sellers exist in…