Markets for goods and services appear in a number of forms. in perfectly (or purely) competitive markets:
i. there are large numbers of independently acting buyers and sellers
ii. the good that is produced and traded is homogenous or standardized.
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What are competitive markets?</h3>
- A competitive markets, also known as an atomistic market, is defined by a number of idealizing conditions, which are together referred to as perfect competition, or atomistic competition, in the field of economics, notably general equilibrium theory.
- It has been shown that in theoretical models with competitive markets, a market will eventually find an equilibrium where the supply of all goods and services, including labor, equals the demand for all goods and services at the price in question.It would be Pareto optimal for this equilibrium to exist.
- The two types of efficiency that competitive markets offers are allocative and productive. In the near term, completely competitive marketplaces are not always productively efficient since output does not always occur where marginal cost equals average cost.
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Answer:
is this a question? maybe you could give more context.
Things that would cause prices to drop would be the quantity if there is more of that thing the price drops or the value of that thing just drops.
Options: INCREASE, DECREASE, CANNOT TELL, or NOT CHANGE
Answer:Increase;not change;not change
Explanation: A perfect competition is a type of market competitive driven by the forces of demand and supply and other factors of the economy. In a perfect competition a change in price will cause consumers to change to other substitutes making the demand for those substitutes to INCREASE. On the long run the total price of the close substitutes will NOT CHANGE and also the profit made by the substitute will NOT CHANGE.
Answer: Option A
Explanation: In simple words technology projects refers to the projects which are heavily dependent on some technology or are related to inventing or using some latest technology.
Such projects require the heavy experts in workforce and heavy testing of uncertainties that may or may not occur in the future.
However sometimes the entities handling projects do not adequately test the framework leading to some issues that the entity hasn't been prepared for before which further leads to the failure of projects.
