Question

2.Explain seven conditions necessary for a perfectly competitive market to exist.

2.Explain seven conditions necessary for a perfectly competitive market to exist.

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
4.2 Explain using properly labelled diagrams, why a perfectly competitive firm will earn only normal profit...
4.2 Explain using properly labelled diagrams, why a perfectly competitive firm will earn only normal profit in the long-run. 4.3 Explain SEVEN (7) conditions necessary for a perfectly competitive market to exist.
Please explain all in microsoft word Using real world examples, discuss the necessary conditions that must...
Please explain all in microsoft word Using real world examples, discuss the necessary conditions that must exist in order for a market to be perfectly competitive.
State the conditions for a perfectly competitive market firm to halt its production (i) short term...
State the conditions for a perfectly competitive market firm to halt its production (i) short term (ii) Long term?
explain why a perfectly competitive market maximizes social welfare.
explain why a perfectly competitive market maximizes social welfare.
Explain why a perfectly competitive market maximizes social welfare.
Explain why a perfectly competitive market maximizes social welfare.
What are the main assumptions for a perfectly competitive market? Briefly explain your answer.
What are the main assumptions for a perfectly competitive market? Briefly explain your answer.
2. Assume that this garlic market is perfectly competitive. This time, something else has changed in...
2. Assume that this garlic market is perfectly competitive. This time, something else has changed in the market. The cost of picking garlic has decreased because a new and better garlic picking machine has been invented. Explain how a perfectly competitive market responds (a) explain the way the curves shift and why (b) explain how profits or losses occur, and how that affects the dynamics of the market. (c) explain what happens to efficiency throughout (d) explain how this change...
2. Cost pass-through in the perfectly competitive market Consider a perfectly competitive market in which the...
2. Cost pass-through in the perfectly competitive market Consider a perfectly competitive market in which the demand function is q = 100 – 4 p and the supply function is q = - 20 + 2 p. Calculate the market equilibrium price and quantity. Calculate the price elasticity of demand, η, and the price elasticity of supply, ε, at the market equilibrium. Calculate the percentage of pass-through P by using the formulae P = ε/(ε-η). Now, suppose due to government...
Explain why the following statement is false: The market for milk is perfectly competitive, and the...
Explain why the following statement is false: The market for milk is perfectly competitive, and the market price of a gallon of milk is initially $4. If the government imposes a price ceiling of $5, this will create deadweight loss.
1. Under what conditions will a firm exit a market? Explain. 2. Does a competitive firm’s...
1. Under what conditions will a firm exit a market? Explain. 2. Does a competitive firm’s price equal its marginal cost in the short run, the long run, or both? Explain. 3. Does a competitive firm’s price equal the minimum of its average total cost in the short run, the long run, or both? Explain. 4. Are market supply curves typically more elastic in the short or long run? Explain.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT