Which of the following is not a characteristic of a perfectly competitive market? O a large number of firms offering similar products O some control over price no product differentiation between firms no barriers to entry
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A: "Since you have asked multiple questions, we will solve the first one for you. If you want any…
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A: This can be defined as a cost that shows the type of cost that an individual, business, or any other…
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A: In perfect competition , There exists various nos. of buyers and sellers. The market is composed…
Q: The demand curve perceived by a perfectly competitive firm O A. shows that such a firm is a…
A: A demand curve shows the amounts of a good that a consumer purcgase at different prices. Having…
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A: A. increase; earn a smaller economic profit; new firms will enter.
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A: A perfect competition market refers to the ideal market. This type of structure includes a variety…
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A: A perfectly competitive firm is a price taker and can sell any quantity of the commodity at the…
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A: Fixed Cost refers to that part or component of cost that remains fixed despite the varying quantity…
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A: In perfectly competitive market, there are large number of firms selling identical goods
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A: A firm should produce its output where P=> MC
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A: In the perfectly competitive market, demand for a product from a specific firm is very elastic due…
Q: Which of the following is true for a perfectly competitive industry?
A: option 3 is rhe correct answer The firm in industry produce standardized products It's dentical…
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A: Perfect competition market where large numbers of buyers and sellers exchange homogeneous product at…
Q: is breaking even. In the short run it shoul titiv ut down; expand oduce where MC = MR; leave the…
A: A perfectly competitive firm is a market structure where there are large number of buyers and…
Q: Suppose that bicycles are produced by a perfectly competitive, constant-cost industryWhich of the…
A: In case of Constant Cost Industry, supply curve is flat. The long run supply curve is horizontal. It…
Q: Suppose a firm is in a perfectly competitive market. 10 Price 9- 8+ 4.55 3.5 1 2 3 4 MC 6 ATC AVC 8…
A: There will be an economic profit when price exceeds average total cost; and an economic loss when…
Q: If a perfectly competitive firm's marginal revenue is greater than its marginal cost, as it…
A: If MR > MC then increase in output will increase profits till MC = MR.In perfect competition, the…
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A: Average cost of production is the amount of dollars incurred on making a typical unit of the…
Q: Which describes the firms supply curve for the short run with perfect competition? O The section of…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: In a perfectly competitive market, when are economic profits possible? O Long-run O Economic profits…
A: Perfect competition, according to economic theory, occurs when all companies sell the same products,…
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A: Perfect competition is a market structure in which a large number of sellers sell products in the…
Q: In a perfectly competitive market, there are firms, all selling products. Select one: O a several…
A: Answer to the question is as follows:
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A: * Total cost = Fixed cost + variable cost * AverageTotal Cost = TCQ* Average variable cost =…
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A: In perfect competition , There are various no. of buyers and sellers. There are no barriers to…
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A: Q1) price taker is a firm who is so small as a unit in a market that the firm has no control on the…
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A: Answer is given in step 2
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A: Meaning of Market: The term market refers to the situation under which the producers or the…
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A: A perfectly competitive market is characterized by the presence of a large number of buyers and…
Q: er 11 i Suppose the market for corn is a purely competitive, constant-cost industry that is in…
A: A purely competitive market has many firms in the market producing homogeneous goods.
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A: In perfect competition at equilibrium, P = MC When MC exceeds the price, it is not the efficient…
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A: The perfectly competitive firm is the price taker and produces the maximum possible quantity at the…
Q: The table shown displays the total costs for various levels of output for a firm operating in a…
A: The perfectly competitive market refers to the market where large number of buyers and sellers exist…
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- Would you rather have efficiency or variety? That is, one opportunity cost of the variety of products we have is that each product costs more per unit than if there were only one kind of product of a given type, like shoes. Perhaps a better question is, What is the right amount of variety? Can there be too many varieties of shoes, for example?Suppose a science museum charges $15 for admission, and each day 200 adults visit the museum. Suppose the museum directors cannot change the price they charge, but they know that for every $1000 a day spent on advertising they can increase demand by 50 tickets. The cost of operating the museum for a day is $2,000. Which of the following advertising choices should they make to maximize profits? O Spend $100O0 a day on advertising O Spend $2000 a day on advertising O Spend no money on advertising O Spend $3000 a day on advertisingMN 00 25 Price %24 Question 42 of 60 > For the monopolistically competitive firm in the following figure, the profit-maximizing price is and the quantity is MC ATC 20. 16 Demand MR 40 Quantity O $20: 25 O $16: 25 O $32; 25 O $20; 40 10:55 PM 74 F 12/12/2021 Ins prt sc delete home 12 Oy 114 dn 6d pue 144 91 & backspace wnu lock 5. 7. 4. home 6d T. enter H. pause ↑ shift 2. LE ctrl alt Sut
- Mo increase production from 5 O True O False 6 fire engines because the dominates in this scenario. True or False: If alternatively Mo's HookNLadder were a competitive firm and $160,000 were the market price for an engine, decreasing its price from $160,000 to $120,000 would result in a decrease in the production quantity, but an increase in total revenue.MN 00 工 25 Price %24 For the monopolistically competitive firm in the following figure, the profit-maximizing price is and the quantity is MC ATC 32 20 Demand MR Quantity O $20; 25 O $16; 25 O $32; 25 O $20; 40 10:12 PM 75°F ENG earch 12/12/2021 f12 Ins prt sc delete home 61 pua f5 dn 6d f4 84 114 144 米 backspace lock 4. 5. R. home enter 4. K. pause ↑ shift end 2. C. alt ctrlAssume that a computer company operates in a perfectly competitive market producing 5,000computers per day. At this output level, price exceeds this firm's marginal cost. It follows that producing one more computer ( expanding the production) will cause this firm's: O profits to remain unchanged. O profits to increase. O total cost to decrease. O profits to decrease. 21 Ex ttv MacBook Pro ミ
- Kate and Alice are small-town ready-mix concrete duopolints. The market demand tunction is o- 20,000 - 200Pwhere Pis the price of a cubic yard of concrete and Ois the number of cubic yards demanded per year. Marginal cost is sa0 per cubic yard. Suppose Kate onters the market first and chooses her output belore Alice. What is the difference in Alice's profit when Kata enters the market tirst, compared to when they simultanecusly select ther outputa? When Kate entors the markat first, Alice's profit is $3,888.a0 lower. O When Kate enters the market fest, Alice's profit is 513,333.33 lower. O When Kate enters the market first, Alice's profit is $5,000 lower. O When Kate onters the market first, Alice's proft is $1.111.11 higher,COURSE: MICROECONOMICS - Bertrand's ModelAssume that a market is supplied by 2 companies, whose total costs are: CTi = 100Respective demand of each is: q1 = 120 - 2p1 + p2 and q2 = 120 - 2p2 + p1It is requested to:(a) calculate the firms' profit and reaction function.(b) plot the market equilibrium price and reaction function(d) calculate equilibrium quantity produced by each firm(e) determine profits that both firms will have at equilibrium.Assuming you are the managing director of a firm that produces three goods: A, Band C. The price elasticity of demand for A is 1.2, for B it is 1.00 and for C it is 0.75.It is known that he firm is experiencing serious cash flow problems and you have toincrease total revenue as soon as possible. If you were in a position to set the pricesfor these goods, what would be your pricing strategy for each product
- Firms ill a perfectly competitive market are said to be price takers that is, once the market determines an equilibrium price for the product, firms must accept this price. If you sell a product in a perfectly competitive market, but you are not happy with its price, would you raise the price, even by a cent?May and Raj me the only two growers who provide organically grown corn to a local grocery store. They know that if they cooperated and produced less corn, they could raise the price of the com. If they work independently, they will each earn 100. If they decide to work together and both lower their output, they call each earn 150. If one person lowers output and the other does not, the person who lowers output will earn $1 and the other person will capture the entire market and will earn 200. Table 10.6 represents the choices available to Mary and Raj. What is the best choice for Raj if he is sole that Mary will cooperate? If Mary thinks Raj will cheat, what should Mary do and why? What is the prisoners dilemma result? What is the preferred choice if they could ensure cooperation? A = Work independently; B = Cooperate and Lower Output. (Each results entry lists Rajs earnings first, and Marys earnings second.)A firms marginal cost curve above the average variable cost curve is equal to the films individual supply curve. This means that every time a firm receives a price from the market it will be willing to supply the amount of output where the price equals marginal cost. What happens to the films individual supply curve if marginal costs increase?