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Is the market for Kennedy half dollars competitive? Also why or why don't you think this market is a
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- What are the two essential characteristics of a competitive market?What is special about a purely competitive market?How is the market price and quantity bought and sold determined in a perfectly competitive market? Explain the concept of market equilibrium with an appropriate graph. Explain what happens to the equilibrium price and quantity if the number of buyers increases suddenly? Show this on another graph.
- Identify the demand or supply determinant(s) that changes and explain how the equilibrium price and equilibrium quantity in a purely competitive market will change in each of the following situations. Draw the appropriate demand and supply curves showing the change. (Each graph should have an equilibrium point before the change as well as after; be sure to label all parts of the graphs). a. Product: New homes -wages increases so consumer incomes increase and supply does not change b. Product: French cheese- A tariff is removed from the importation of French cheese while demand remains the same. C. Product: eat-at-home pizza- consumers desire for eating at home increases and the cost of flour (used to make pizza) decreasesSuppose the market for pizza is a perfectly competitive market—that is, sellers take the market price as given. Alex owns a restaurant where he sells pizza. The following graph shows Alex's weekly supply curve, represented by the orange line. Point A represents a point along his supply curve. The price of pizza is $3.00 per slice, as shown by the horizontal black line. From the previous graph, you can tell that Alex is willing to supply his 8th slice of pizza for____each week. Since he receives $3.00 per slice, the producer surplus he gains from supplying the 8th slice of pizza is___. Suppose the price of pizza were to rise to $3.75 per slice. At this higher price, Alex would receive a producer surplus of____from the 8th slice of pizza he sells. The following graph shows the weekly market supply of pizza in a small economy. Use the purple point (diamond symbol) to shade the area representing producer surplus (PS) when the price (P) of pizza is $3.00 per slice. Then, use the…What are the four conditions of a purely competitive market?
- 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.Suppose the market for bottled water and the market for soft drinks both have large numbers of buyers and sellers. Which of these markets is likely tobe more competitive?At the exact same time as the very cold winter in France wiping out most of the crop of Pinot Noir grapes in Burgundy France, Oregon wine producers faced their own challenge. A new labor agreement with their workers' union has increased wages and raised wine producers' marginal cost of producing Pinot Noir. In the graph below, click on the new equilibrium point in the market for Oregon Pinot Noir that reflects both simultaneous changes. P 0 S S p" p
- There is equilibrium in the purely competitive market for oranges, and the optimal amount of oranges is being produced. Explain if and how the optimal amount of oranges will change if the following events occur: a) New fertilizers increase the yields of orange trees. b) Frost destroys part of the orange crop. c) Frost destroys part of the grapefruit crop. The resulting increase in the price of grapefruits raises the demand for oranges. d) People get tired of oranges.How do price controls affect the workings of a perfectly competitive market? Use a supply demand diagram as part of your answer.You are operating in a perfect market are you are price taker? Why?