Answer:
Firms are said to be in perfect competition when the following conditions occur: (1) many firms produce identical products; (2) many buyers are available to buy the product, and many sellers are available to sell the product; (3) sellers and buyers have all relevant information to make rational decisions about the product being bought and sold; and (4) firms can enter and leave the market without any restrictions—in other words, there is free entry and exit into and out of the market.
Explanation:
A perfectly competitive firm is known as a price taker, because the pressure of competing firms forces them to accept the prevailing equilibrium price in the market. If a firm in a perfectly competitive market raises the price of its product by so much as a penny, it will lose all of its sales to competitors. When a wheat grower, as discussed in the Bring it Home feature, wants to know what the going price of wheat is, he or she has to go to the computer or listen to the radio to check. The market price is determined solely by supply and demand in the entire market and not the individual farmer. Also, a perfectly competitive firm must be a very small player in the overall market, so that it can increase or decrease output without noticeably affecting the overall quantity supplied and price in the market.
A perfectly competitive market is a hypothetical extreme; however, producers in a number of industries do face many competitor firms selling highly similar goods, in which case they must often act as price takers. Agricultural markets are often used as an example. The same crops grown by different farmers are largely interchangeable. According to the United States Department of Agriculture monthly reports, in 2015, U.S. corn farmers received an average price of $6.00 per bushel and wheat farmers received an average price of $6.00 per bushel. A corn farmer who attempted to sell at $7.00 per bushel, or a wheat grower who attempted to sell for $8.00 per bushel, would not have found any buyers. A perfectly competitive firm will not sell below the equilibrium price either. Why should they when they can sell all they want at the higher price? Other examples of agricultural markets that operate in close to perfectly competitive markets are small roadside produce markets and small organic farmers.
The answer: 1
i hope this helps
Urbanization
Before the Crusades, life in Europe was centered on estates
and feudalism, when the holy war began it shifted to prioritize trade and
commerce in order to fund the war. This led to inflation of prices but overall
increased the quality of life.
Guilds
Towns were formed as trade and commerce became a feasible
form of livelihood. As the holy war went on, it became apparent that there was
much to gain as people had more access to other societies. This in turn led to
the forming of Guilds that standardized and regulated the trade practice
The Middle Class
Lending and borrowing in order to
finance the trades and commerce stimulated the financial system which led to
the formation of the first credit institutions. A new ‘middle class’ emerged as
the result of this growth of the European economy.
Division of labor
Not so much as a ‘division’ but the formulation of new ones-
the nobility had to sell their lands and personal belongings which benefitted lower
and middle class. Peasants now experienced a higher demand for their products and
the new middle class became tradesmen, financers and transportation providers.
Money/weights/measure systems
With the rise of new classes, there
was a shift in the redistribution of wealth- the economic power of the Church
shifted to the tradesmen and merchants. The emerging importance of trade and commerce
resulted in the standardization of money, weights and the measuring system.
Usury
People began to sell their lands and belongings as a way to
finance the cost of joining the Crusade, and most of the time, this wasn’t
enough. They turned to Churches which were obligated to provide loans without
interest due to Usury policies. This significantly decreased their wealth of
which they had to share with other Crusaders.
Answer: I think the answer is Republican
Explanation:
