Managerial Economics: A Problem Solving Approach
5th Edition
ISBN: 9781337106665
Author: Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher: Cengage Learning
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Chapter 9, Problem 5MC
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Which industry approximates the perfect competition among the following?
A. Pharmaceuticals
B. Boutiques
C. Precious metals
D. airlines
31. Which of the following is the best example of a perfectly competitive market?
a.
soft drinks
b.
farm products
c.
diamonds
d.
athletic shoes
Which are the most likely to be produced in a perfectly competitive industry?
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Managerial Economics: A Problem Solving Approach
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- Write down some examples of industries that are (close to) perfectly competitive. What attributes do they have to be considered perfectly competitive?arrow_forwardWhat kind of business is a water refilling station? What problems are solved with the help of a water refilling station and how? How does a water refilling station fit in the competitive market?arrow_forwardWhy is perfect competition assumed to be the best market situation in most cases? Draw a graph showing the long run result of perfect competition and explain why it benefits society.arrow_forward
- The closest example of a perfectly competitive industry is a. beer. b. Cabbage c. gas stations. d. fast foods.arrow_forwardWhat is the main characteristic of a perfectly competitive market? A. Many sellers with differentiated products B. Few sellers with differentiated products C. Many sellers with identical products D. Few sellers with identical productsarrow_forwardWhat are the characteristics of a perfectly competitive industry?arrow_forward
- Sterling runs a donut shop which which is being operated in a perfectly competitive market where they earn positive economic profits. If the price of a donut is $3, Sterling makes 800 donuts a month, and their monthly average total cost is $2. What are Sterling's profits each month?arrow_forwardThe following table gives you cost and revenue information for Mac & Kayla's Stacked Sandwiches, which are sold in a perfectly competitive market. Sandwiches Total Cost Variable Cost Average Total Cost Marginal Cost Revenue 0 $20 1 $30 2 3 4 5 6 $64 $28 $88 www $19 $21 $90 Use the above information. Answer in an integer format, with no commas, dollar signs, or decimals. What is the price of a sandwich?arrow_forwardDegree of competition and define it's types.arrow_forward
- Columbia’s coffee producers operate as if they are in a perfectly competitive industry. Which statement is most likely to be true? In Columbia, A.there is one state owned entity that produces all coffee in the country. B.there are hundreds of thousands of individually owned coffee farms, all producing the same type of coffee. C.there are a few large coffee farms that dominate the market. D.there are numerous coffee farms, each producing a unique variety of coffee bean that is distinct from the product of their competitors.arrow_forwardQUESTION 3 Which of the following industries most closely approximates pure competition? A. Agriculture O B. Steel O C. Clothing O D. Farm implementsarrow_forwardThis business deals with creation or production of goods like tables, chairs, and cabinets. A.Corn Farming B.Furniture Marketing C.Hog Raising D.Poultry Farmingarrow_forward
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