You read in a business magazine that farmers are reaping high profits. With the theory of perfect competition in mind, what do you expect to happen over time (in the long run) to each of the following? D. The number of farms

Q: Which are the most likely to be produced in a perfectly competitive industry?

A: A completely competitive market is one in which all businesses sell the same product and 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: You read in a business magazine that farmers are reaping high profits. With the theory of perfect…

A: A perfect competition is a market structure where the price of the commodity sold is same and is…

Q: On the next few slides be sure to answer the following questions, What is perfect competition? Give…

A: Under perfect competition, there are many buyers and sellers and prices tend to reflect the demand…

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

A: Answer: In a highly competitive industry, all the firms sell almost homogeneous goods. The cost of…

Q: When discussing pure competition, the term long run refers to a period of time long enough to allow:…

A: Option ‘c’ is the correct answer. Option ‘c’ - Because Option ‘a’ and ‘b’ both are correct. Hence,…

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: What are some characteristics of perfect competition?  Is the Banana market a perfect competition?…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: You read in a business magazine that farmers are reaping high profits. With the theory of perfect…

A: Perfect competition is a market structure where are large numbers of buyers and sellers. The sellers…

Q: Why don't firms in a competitive market have excess capacity in the long run?

A: When a company produces at a lower production scale than planned, it is said to have excess…

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

A: Market structure refers to the place where the transaction of goods and services takes place between…

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: You read in a business magazine that farmers are reaping high profits. With the theory of perfect…

A: Perfect competition is many sellers dealing in commodity which is same in quality and price at which…

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 some examples of industries that are (close to) perfectly competitive. What attributes do…

A: Perfect competition is a kind of market in which a large number of suppliers of a homogenous…

Q: Can you think of a product that meets at least most of the criteria required for a perfectly…

A: Perfectly competitive market refers to the market which has been characterized by the presence of…

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: Correct Answer: There are many sellers (and, of course, many buyers). Kim Is the corn that you…

A: Note: The information given under ‘Correct answer’ (There are many sellers and many buyers) is taken…

Q: Which industry approximates the perfect competition among the following?     A. Pharmaceuticals…

A: Option (B).

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: ou read in a business magazine that computer firms are reaping high profits. With the theory of…

A: (a)   Assume that the computer industry is perfectly competitive. Earning high profit which attracts…

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…