In a perfectly competitive market, every seller takes the price of its product as set by market conditions.
<h3>
What is a Perfect Competitive Market?</h3>
Perfect competition is an ideal type of market structure where all producers and consumers have full and symmetric information and no transaction costs. There are a large number of producers and consumers competing with one another in this kind of environment.
Perfect competition is a market structure where many firms offer a homogeneous product. Because there is freedom of entry and exit and perfect information, firms will make normal profits and prices will be kept low by competitive pressures.
<h3>What are some examples of Perfectly Competitive Markets?</h3>
3 Perfect Competition Examples
- Agriculture: In this market, products are very similar. Carrots, potatoes, and grain are all generic, with many farmers producing them.
- Foreign Exchange Markets: In this market, traders exchange currencies.
- Online shopping: We may not see the internet as a distinct market.
Thus, we can say that the correct option is B.
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If the price was to rise to $16 quarters then the loads of laundry that each shift would pay for is 112 loads
<h3>How many loads would each shift pay for?</h3>
The amount earned for shift of 75 minutes is:
= 12 x 1.5 hours
= $18
If the cost per load rises to 16 quarters, the number of loads you can afford is:
= Amount earned / cost per load
= 18 / 0.16
= 112 loads
Rest of the question is:
You wash dishes for a chemistry laboratory to make extra money for laundry. You earn 12 dollars/hour, and each shift lasts 75 minutes. Your laundry requires 12 quarters/load.
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Answer: snowball sampling
Explanation:
Snowball sampling is a nonprobability sampling technique in which an initial group of respondents is selected and subsequent respondents are selected based on the referrals or information provided by the initial respondents.
It should be noted that in snowball sampling, after the respondents have been interviewed, theywould be told asked to help identify other people
that also belong to the target population.
Answer: TRUE
Explanation: Gross Domestic Product ( GDP) can be described as the market value of all goods and services produced in a country within a particular time period which is usually a year.
The equation for finding GDP is given as -
GDP = Consumption + Investment + Government Spending + ( Exports - Imports)
Nominal GDP can be described as the market value of all goods and services produced in a country within a particular time period using current market prices.
Real GDP can be described as the market value of all goods and services produced in a country within a particular time period using base year prices. Using base year prices to calculate real GDP adjusts for inflation.
Answer:
B) Abstraction forms an important part of economic analysis.
Explanation:
Economic abstraction refers to ignoring certain factors while doing economic analysis. Some minor or even important economic details must be assumed when trying to analyze certain situations. That is why economists love to use ceteris paribus (everything else constant). Macroeconomic theory is impossible to prove in a scientific way, only certain microeconomic theories can be tested scientifically. In order to perform macroeconomic analysis, economists must simplify the real world, since economy is too complex and has too many factors that can alter any possible analysis. It is impossible to analyze a nation's economy as a whole since millions of people and businesses make billions of economic decisions very day.
