(a) To find: Whether soy market is a perfectly competitive market.

Question

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Answer 1

Question

Chapter 14, Problem 1P

To determine

(a)

To find:

Whether soy market is a perfectly competitive market.

Expert Solution

Answer to Problem 1P

The soy market is a perfectly competitive market.

Explanation of Solution

Soy market is a perfectly competitive market because there are large number of buyers and sellers, and the firms sells homogeneous product in the soy market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Perfectly competitive market:

Perfectly competitive market refers to the market structure in which there are many buyers and sellers. The sellers sell homogeneous commodities in this market structure and there is free entry and exit of firms.

To determine

(b)

To find:

Whether retail clothing is a perfectly competitive market.

Expert Solution

Answer to Problem 1P

The retail clothing is a monopolistically competitive market.

Explanation of Solution

Retail clothing is a monopolistically competitive market because there are many firms in this market which deal with closely related but differentiated commodities. For example, shirts can be different in color, size, and quality but all are closely related. So, retail clothing is a monopolistically competitive market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Perfectly competitive market:

Perfectly competitive market refers to the market structure in which there are many buyers and sellers. The sellers sell homogeneous commodities in this market structure and there is free entry and exit of firms.

To determine

(c)

To find:

Whether S restaurant in B Hills is a competitive market.

Expert Solution

Answer to Problem 1P

The S restaurant in B Hills is a monopolistically competitive market.

Explanation of Solution

The S restaurant in B Hills is a monopolistically competitive market because there can be many other restaurants in B Hills but not in large number. Since the restaurant deals with closely related but differentiated products. So, this market is termed as monopolistically competitive market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Perfectly competitive market:

Perfectly competitive market refers to the market structure in which there are many buyers and sellers. The sellers sell homogeneous commodities in this market structure and there is free entry and exit of firms.

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Answer 2

Question

Chapter 14, Problem 1P

To determine

(a)

To find:

Whether soy market is a perfectly competitive market.

Expert Solution

Answer to Problem 1P

The soy market is a perfectly competitive market.

Explanation of Solution

Soy market is a perfectly competitive market because there are large number of buyers and sellers, and the firms sells homogeneous product in the soy market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Perfectly competitive market:

Perfectly competitive market refers to the market structure in which there are many buyers and sellers. The sellers sell homogeneous commodities in this market structure and there is free entry and exit of firms.

To determine

(b)

To find:

Whether retail clothing is a perfectly competitive market.

Expert Solution

Answer to Problem 1P

The retail clothing is a monopolistically competitive market.

Explanation of Solution

Retail clothing is a monopolistically competitive market because there are many firms in this market which deal with closely related but differentiated commodities. For example, shirts can be different in color, size, and quality but all are closely related. So, retail clothing is a monopolistically competitive market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Perfectly competitive market:

Perfectly competitive market refers to the market structure in which there are many buyers and sellers. The sellers sell homogeneous commodities in this market structure and there is free entry and exit of firms.

To determine

(c)

To find:

Whether S restaurant in B Hills is a competitive market.

Expert Solution

Answer to Problem 1P

The S restaurant in B Hills is a monopolistically competitive market.

Explanation of Solution

The S restaurant in B Hills is a monopolistically competitive market because there can be many other restaurants in B Hills but not in large number. Since the restaurant deals with closely related but differentiated products. So, this market is termed as monopolistically competitive market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Perfectly competitive market:

Perfectly competitive market refers to the market structure in which there are many buyers and sellers. The sellers sell homogeneous commodities in this market structure and there is free entry and exit of firms.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 14, Problem 1P

To determine

(a)

To find:

Whether soy market is a perfectly competitive market.

Expert Solution

Answer to Problem 1P

The soy market is a perfectly competitive market.

Explanation of Solution

Soy market is a perfectly competitive market because there are large number of buyers and sellers, and the firms sells homogeneous product in the soy market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Perfectly competitive market:

Perfectly competitive market refers to the market structure in which there are many buyers and sellers. The sellers sell homogeneous commodities in this market structure and there is free entry and exit of firms.

To determine

(b)

To find:

Whether retail clothing is a perfectly competitive market.

Expert Solution

Answer to Problem 1P

The retail clothing is a monopolistically competitive market.

Explanation of Solution

Retail clothing is a monopolistically competitive market because there are many firms in this market which deal with closely related but differentiated commodities. For example, shirts can be different in color, size, and quality but all are closely related. So, retail clothing is a monopolistically competitive market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Perfectly competitive market:

Perfectly competitive market refers to the market structure in which there are many buyers and sellers. The sellers sell homogeneous commodities in this market structure and there is free entry and exit of firms.

To determine

(c)

To find:

Whether S restaurant in B Hills is a competitive market.

Expert Solution

Answer to Problem 1P

The S restaurant in B Hills is a monopolistically competitive market.

Explanation of Solution

The S restaurant in B Hills is a monopolistically competitive market because there can be many other restaurants in B Hills but not in large number. Since the restaurant deals with closely related but differentiated products. So, this market is termed as monopolistically competitive market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Perfectly competitive market:

Perfectly competitive market refers to the market structure in which there are many buyers and sellers. The sellers sell homogeneous commodities in this market structure and there is free entry and exit of firms.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 14, Problem 1P

To determine

(a)

To find:

Whether soy market is a perfectly competitive market.

Expert Solution

Answer to Problem 1P

The soy market is a perfectly competitive market.

Explanation of Solution

Soy market is a perfectly competitive market because there are large number of buyers and sellers, and the firms sells homogeneous product in the soy market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Perfectly competitive market:

Perfectly competitive market refers to the market structure in which there are many buyers and sellers. The sellers sell homogeneous commodities in this market structure and there is free entry and exit of firms.

To determine

(b)

To find:

Whether retail clothing is a perfectly competitive market.

Expert Solution

Answer to Problem 1P

The retail clothing is a monopolistically competitive market.

Explanation of Solution

Retail clothing is a monopolistically competitive market because there are many firms in this market which deal with closely related but differentiated commodities. For example, shirts can be different in color, size, and quality but all are closely related. So, retail clothing is a monopolistically competitive market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Perfectly competitive market:

Perfectly competitive market refers to the market structure in which there are many buyers and sellers. The sellers sell homogeneous commodities in this market structure and there is free entry and exit of firms.

To determine

(c)

To find:

Whether S restaurant in B Hills is a competitive market.

Expert Solution

Answer to Problem 1P

The S restaurant in B Hills is a monopolistically competitive market.

Explanation of Solution

The S restaurant in B Hills is a monopolistically competitive market because there can be many other restaurants in B Hills but not in large number. Since the restaurant deals with closely related but differentiated products. So, this market is termed as monopolistically competitive market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Perfectly competitive market:

Perfectly competitive market refers to the market structure in which there are many buyers and sellers. The sellers sell homogeneous commodities in this market structure and there is free entry and exit of firms.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 14, Problem 1P

To determine

(a)

To find:

Whether soy market is a perfectly competitive market.

Expert Solution

Answer to Problem 1P

The soy market is a perfectly competitive market.

Explanation of Solution

Soy market is a perfectly competitive market because there are large number of buyers and sellers, and the firms sells homogeneous product in the soy market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Perfectly competitive market:

Perfectly competitive market refers to the market structure in which there are many buyers and sellers. The sellers sell homogeneous commodities in this market structure and there is free entry and exit of firms.

To determine

(b)

To find:

Whether retail clothing is a perfectly competitive market.

Expert Solution

Answer to Problem 1P

The retail clothing is a monopolistically competitive market.

Explanation of Solution

Retail clothing is a monopolistically competitive market because there are many firms in this market which deal with closely related but differentiated commodities. For example, shirts can be different in color, size, and quality but all are closely related. So, retail clothing is a monopolistically competitive market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Perfectly competitive market:

Perfectly competitive market refers to the market structure in which there are many buyers and sellers. The sellers sell homogeneous commodities in this market structure and there is free entry and exit of firms.

To determine

(c)

To find:

Whether S restaurant in B Hills is a competitive market.

Expert Solution

Answer to Problem 1P

The S restaurant in B Hills is a monopolistically competitive market.

Explanation of Solution

The S restaurant in B Hills is a monopolistically competitive market because there can be many other restaurants in B Hills but not in large number. Since the restaurant deals with closely related but differentiated products. So, this market is termed as monopolistically competitive market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Perfectly competitive market:

Perfectly competitive market refers to the market structure in which there are many buyers and sellers. The sellers sell homogeneous commodities in this market structure and there is free entry and exit of firms.

Answer 6

Chapter 14, Problem 1P

To determine

(a)

To find:

Whether soy market is a perfectly competitive market.

Expert Solution

Answer to Problem 1P

The soy market is a perfectly competitive market.

Explanation of Solution

Soy market is a perfectly competitive market because there are large number of buyers and sellers, and the firms sells homogeneous product in the soy market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Perfectly competitive market:

Perfectly competitive market refers to the market structure in which there are many buyers and sellers. The sellers sell homogeneous commodities in this market structure and there is free entry and exit of firms.

Answer 7

Chapter 14, Problem 1P

To determine

(a)

To find:

Whether soy market is a perfectly competitive market.

Answer 8

Expert Solution

Answer to Problem 1P

The soy market is a perfectly competitive market.

Answer 9

Expert Solution

Answer 10

Expert Solution

Answer 11

Expert Solution

Answer 12

Explanation of Solution

Soy market is a perfectly competitive market because there are large number of buyers and sellers, and the firms sells homogeneous product in the soy market.

Answer 13

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Perfectly competitive market:

Perfectly competitive market refers to the market structure in which there are many buyers and sellers. The sellers sell homogeneous commodities in this market structure and there is free entry and exit of firms.

Answer 14

To determine

(b)

To find:

Whether retail clothing is a perfectly competitive market.

Expert Solution

Answer to Problem 1P

The retail clothing is a monopolistically competitive market.

Explanation of Solution

Retail clothing is a monopolistically competitive market because there are many firms in this market which deal with closely related but differentiated commodities. For example, shirts can be different in color, size, and quality but all are closely related. So, retail clothing is a monopolistically competitive market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Perfectly competitive market:

Perfectly competitive market refers to the market structure in which there are many buyers and sellers. The sellers sell homogeneous commodities in this market structure and there is free entry and exit of firms.

Answer 15

To determine

(b)

To find:

Whether retail clothing is a perfectly competitive market.

Answer 16

Expert Solution

Answer to Problem 1P

The retail clothing is a monopolistically competitive market.

Answer 17

Expert Solution

Answer 18

Expert Solution

Answer 19

Expert Solution

Answer 20

Explanation of Solution

Retail clothing is a monopolistically competitive market because there are many firms in this market which deal with closely related but differentiated commodities. For example, shirts can be different in color, size, and quality but all are closely related. So, retail clothing is a monopolistically competitive market.

Answer 21

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Perfectly competitive market:

Perfectly competitive market refers to the market structure in which there are many buyers and sellers. The sellers sell homogeneous commodities in this market structure and there is free entry and exit of firms.

Answer 22

To determine

(c)

To find:

Whether S restaurant in B Hills is a competitive market.

Expert Solution

Answer to Problem 1P

The S restaurant in B Hills is a monopolistically competitive market.

Explanation of Solution

The S restaurant in B Hills is a monopolistically competitive market because there can be many other restaurants in B Hills but not in large number. Since the restaurant deals with closely related but differentiated products. So, this market is termed as monopolistically competitive market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Perfectly competitive market:

Perfectly competitive market refers to the market structure in which there are many buyers and sellers. The sellers sell homogeneous commodities in this market structure and there is free entry and exit of firms.

Answer 23

To determine

(c)

To find:

Whether S restaurant in B Hills is a competitive market.

Answer 24

Expert Solution

Answer to Problem 1P

The S restaurant in B Hills is a monopolistically competitive market.

Answer 25

Expert Solution

Answer 26

Expert Solution

Answer 27

Expert Solution

Answer 28

Explanation of Solution

The S restaurant in B Hills is a monopolistically competitive market because there can be many other restaurants in B Hills but not in large number. Since the restaurant deals with closely related but differentiated products. So, this market is termed as monopolistically competitive market.

Answer 29

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Perfectly competitive market:

Perfectly competitive market refers to the market structure in which there are many buyers and sellers. The sellers sell homogeneous commodities in this market structure and there is free entry and exit of firms.