Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Which of the following is a characteristic of perfectly competitive markets?OA. There will be no barriers to new firms entering the market.B. There will be a few firms in the market selling an identical product.OC. There will be many buyers but only a few firms, all of whom will charge the same price.OD. The barriers to new firms entering the market will be natural ones.OE. There will be only a few buyers but many firms, all of whom are small relative to the market.

A market with perfect competition, implies there are no barriers to entry. Presence of buyers and sellers. Firms are price takers. Every firm produces homogenous products. There exists complete transparency. This kind of market is a hypothetical market. Other kinds of markets are Monopoly, Monopolistic and Oligopoly.Consider option A: There are no barriers to new firms entering the market. This option is correct because this is the most important feature of a perfectly competitive market. Any firm can enter the perfectly competitive market, and produce the identical product which all other firms are producing. Consider option B: There will be a few firms in the market selling an identical product. This is an incorrect option because there will be MANY firms winning the market by selling an identical product. It is in an oligopoly where FEW firms are selling an identical product and not in a perfectly competitive market.Consider option C: There will be many buyers but only a few firms, all of whom will charge the same price. This is an incorrect option because there are a substantial number of buyers and sellers in a perfectly competitive market. No one directly influences the market price.Consider option D: The barriers to new firms entering the market will be natural ones. This option is incorrect because Any firm can enter a perfectly competitive market, and there are no such barriers to entry for any firm.Consider option E: There will be only a few buyers but many firms, all of whom are small relative to the market. This is an incorrect option because there are a substantial number of buyers and sellers in a perfectly competitive market. No one directly influences the market price.The correct option is option A: There are no barriers to new firms entering the market.

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Economics

Which of the following is a characteristic of perfectly competitive markets? OA. There will be no barriers to new firms entering the market. OB. There will be a few firms in the market selling an identical product. OC. There will be many buyers but only a few firms, all of whom will charge the same price. OD. The barriers to new firms entering the market will be natural ones. OE. There will be only a few buyers but many firms, all of whom are small relative to the market.

Which of the following is a characteristic of perfectly competitive markets? OA. There will be no barriers to new firms entering the market. OB. There will be a few firms in the market selling an identical product. OC. There will be many buyers but only a few firms, all of whom will charge the same price. OD. The barriers to new firms entering the market will be natural ones. OE. There will be only a few buyers but many firms, all of whom are small relative to the market.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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