Complete the following table by indicating if each attribute characterizes a competitive market, a monopolistically competitive
1 answer:
The following are attributes of only a competitive market:
price taker
identical products
The following is not an attribute of either markets: few sellers
The following is an attribute of both markets: price is equal to marginal cost
<h3>What is a competitive market?</h3>
A competitive market is characterized by many buyers and sellers of identical goods and services. Market prices are set by the forces of demand and supply. So, buyers and sellers are price takers There are no barriers to entry or exit of firms into the industry.
<h3>What is a monopolistically competitive market?</h3>A monopolistic competition is when there are many firms selling differentiated products in an industry. The demand curve is downward sloping. it sets the price for its goods and services.
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Using the together rate, it is found that they would have finished the task in 8 days working together.
<h3>What is the together rate?</h3>It is the sum of each separate rate.
In this problem, the rates are given as follows:
- For Reid, it is of 1/10.
- Greg works four times as slower as Reid, that is, one security audit takes 40 days, hence his rate is of 1/40.
Then, the together rate is given by:
5x = 40
x = 8
They would have finished the task in 8 days working together.
More can be learned about the together rate at brainly.com/question/25159431
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