B03 why is competition good for the consumer froman economics perspective

We know that firms in a perfectly competitive market produce the socially optimum quantity of output…

Answered: why is competition good for the…

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter6: Elasticity

Section: Chapter Questions

Problem 9QP

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Determine the implications of market pricing on the following when making e economic decisions. A. Buyer/consumer B. Seller/producer/supplier
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?” help explain this to me please in a couple paragraphs
Trueeee Or falseee True or false? Basic economic concepts can be used to understand the pricing of products.
OOK rink erences Aruna owns Pottery Plus, a small firm that produces terra cotta pots for sale in the Edmonton area. The graph below shows Aruna's demand curve. Mc Graw Hill Price ($) 40 36 32 28 24 20 16 12 8 4 0 4 8 12 16 20 24 28 32 36 40 Quantity per period
Think about a competitive market in which youparticipate regularly. For each of the characteristicsof a competitive market, explain how your marketmeets these requirements.
last question
Is economics related to marketing?
Suppose you are chatting to a friend in Brazil on the Internet. Your friend tells weather is forecast to be really cold in the next few weeks and the frost that's expected will damage the coffee crop. Your friend says, "If there are going to be fewer coffee beans available, rll bet that coffee bean prices will rise. We should buy enomous quantities of coffee beans now and put them in storage. Later we will sell them and make a huge profit." you that the 4. Can you "beat the market" with public information? That is, can you use publicly available information to help you buy something cheap and quickly sell it at a higher price? Why or why not? In order to reduce smoking, the government places an additional tax of €2 on a pack of twenty cigarettes. After one month, while the price to the consumer has increased a great deal, the quantity demanded of cigarettes has been reduced only slightly. 5. Is the demand for cigarettes over the period of one month price elastic or price inelastic?…
The following graph shows the output for Pat, a profit-maximizing corn farmer. 1. Suppose the corn market consists of 1000 farms, including and identical to Pat's. In the table below determince the supply in column 2. 2. If the market demand for corn is shown in column 3 of the table below, at equilibrium price how much will Pat produce? Is she generating a profit or a loss ? How much will the market produce? Is the market genearting a profit or a loss ?3. Given the results from part (b), what will happen to the corn market in the long run ?
Discuss in details the concept of efficient pricing, illustrate and show the equilibrium.
Solve the second graph! plsss
Please answer correct explain plz asap plz

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why is competition good for the consumer from an economics perspective