Question

Discussion 11.1 Participate in this discussion. Defend your views by citing information from the Web and/or...

Discussion 11.1 Participate in this discussion. Defend your views by citing information from the Web and/or your own experiences. Post your response (by Wednesday) on the discussion board and then read and reply to the posts of at least two other students, (by Saturday) citing those views with which you agree or disagree as well as your reasons for agreeing or disagreeing.

Why should footballers be paid higher wages than college professors and/or medical doctors?

(Reasons for wage differences).

Homework Answers

Answer #1

The key features of a perfect competitive are:
1. Large number of buyers and sellers
2. Easy entry and exit for firms
3. Identical good
4. Transparent and perfect knowledge of the market
5. No control over price
6. Demand curve is horizontal to x-axis

No it is difficult to have perfect competition as in a competitive world it becomes difficult to sustain in the long run by selling the identical goods. So in order to have a separate identity firms gets into value addition and branding which would help to differentiate itself from others and be safe in the market.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Discussion 11.1 Participate in this discussion. Defend your views by citing information from the Web and/or...
Discussion 11.1 Participate in this discussion. Defend your views by citing information from the Web and/or your own experiences. Post your response (by Wednesday) on the discussion board and then read and reply to the posts of at least two other students, (by Saturday) citing those views with which you agree or disagree as well as your reasons for agreeing or disagreeing. Why should footballers be paid higher wages than college professors and/or medical doctors? (Reasons for wage differences). please...
Discussion 6.1 Participate in this discussion. Defend your views by citing information from the Web and/or...
Discussion 6.1 Participate in this discussion. Defend your views by citing information from the Web and/or your own experiences. Post your response (by Wednesday) on the discussion board and then read and reply to the posts of at least two other students, (by Saturday) citing those views with which you agree or disagree as well as your reasons for agreeing or disagreeing. What are the key features of pure competition? Can we really have a perfect competition market? If Yes,...
In 2012, China’s GDP was $8230 billion and that of Japan’s was $5960 billion. Does this...
In 2012, China’s GDP was $8230 billion and that of Japan’s was $5960 billion. Does this mean that the people in China have a better standard of living than those in Japan? If yes, how do you support your choice? If no, what are your explanations to support your choice? Defend your views by citing information from the Web and/or your own experiences. Post your response on the Discussion Board and then read and reply to the posts of at...