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katrin [286]
2 years ago
14

Assume that the market for corn is perfectly competitive. Currently, firms growing corn are generating losses. In the long run,

we can expect
Business
1 answer:
igomit [66]2 years ago
5 0

Assume that the market for corn is perfectly competitive. Currently, firms growing corn are generating losses. In the long run, we can expect "some firms to exit causing the market price of corn to rise.".

<h3>What is perfectly competitive market?</h3>

According to economic theory, perfect competition exists when all businesses sell the same goods, market share has no bearing on prices, businesses can enter or quit the market without any obstacles, consumers have perfect or complete information, and businesses are unable to set prices.

There are five characteristics that have to exist in order for a market to be considered perfectly competitive. The characteristics are -

  1. homogenous items,
  2. no entry or exit obstacles,
  3. price taker sellers,
  4. transparent products, and
  5. no seller has any control over market prices.

The three key components of perfect competition are as follows:

  • There are a lot of buyers and sellers in the market.
  • These buyers and sellers are in competition with one another.
  • The good being offered or purchased is uniform.
  • Companies are free to enter or leave the market.

To know more about; Why is perfect competition the best form of market structure?, here

brainly.com/question/4190313

#SPJ4

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If you walk into a(n) __________, you will likely find a broad variety of merchandise, deep assortment, and customer service, wi
Naily [24]

Answer:

department store

Explanation:

A department store is a type of retailer that offers a wide range of diverse products. Each product group is classified into a department, thus the name "department store". When customers buy products, they usually check out near the exit of the whole department store, although there are some check-out counters in each department. Also, customer service is always present, mostly in the form of numerous sales clerks providing a helping hand.

They can include almost any range of products: toiletries, furniture, home decor, clothes, toys, hardware... Some famous examples are: Le Bon Marché in Paris, Selfridges in the UK, Macy's in the USA...

On the other hand, a <em>discount store</em> usually offers a broad product range, low prices, but little to none customer service. <em>Specialty stores</em> have a narrow target group as they offer a limited assortment.

5 0
4 years ago
If a defendant makes an untrue statement of fact about the plaintiff and the statement was intentionally or accidentally publish
bulgar [2K]

If a defendant makes an untrue statement of fact about the plaintiff and the statement was intentionally or accidentally published to a third party, the defendant is held liable for misappropriation of the right to publicity-<u>The STATEMENT HOLDS FALSE</u>

Explanation:

<u>The right of publicity is violated when the unauthorized commercial use of a plaintiff's identity occurs.</u>

<u> A commercial use occurs when the defendant offers the plaintiff's identity to promote the sale of products, services, or fundraising.</u>

The statement stated in the question stands false because

  • The defendant has not made any unauthorized use of the Plaintiff identity.
  • No promotion of sale of any product ore services or any fundraising activity is mentioned in the question

He<u>nce ,the Statement hold's False</u>

5 0
4 years ago
The difference between the nominal interest rate and the real interest rate is:
BlackZzzverrR [31]

Answer:

Explanation:

A real interest rate is an interest rate that has been adjusted to remove the effects of inflation to reflect the real cost of funds to the borrower and the real yield to the lender or to an investor. A nominal interest rate refers to the interest rate before taking inflation into account.

8 0
3 years ago
What would happen to the equilibrium price and quantity of lattés if the cost to produce steamed milk, which is used to make lat
nikitadnepr [17]

The equilibrium price would decrease, and the effect on equilibrium quantity would be ambiguous.

Explanation:

If demand falls and supply declines, the quantity of balance may decline, and the price of balance can increase, decline, or stay the same. If demand declines and output stays the same, the quantity of balance declines and the price of balance decreases.

Decreased demand and decreased production could contribute to a decrease in the price of balance, but the impact on the quantity of balance can not be calculated.

Consumers often put a lower premium on the product for every amount, so suppliers are able to tolerate a lower demand; thus, the output should decline.

3 0
3 years ago
Nations specialize in production and engage in international trade in order to Multiple Choice protect domestic consumers and pr
earnstyle [38]

A lot of nations often produce different types of goods. Nations specialize in production and engage in international trade in order to increase output and income.

  • There are several reasons why nations specialize and engage in trade.  The obvious reason is the principle of comparative advantage.

This principle states that each country should focus in the products that it can produce most steadily and cheaply and trade those products for goods that foreign countries can produce most readily and cheaply.

Learn more from

brainly.com/question/7275156

5 0
3 years ago
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