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.
To learn more about monopolistic competition, please check: brainly.com/question/21052250
Assume Allison, Bob, and Charisse are the only three buyers of oranges, and only three oranges can be supplied per day.
Refer to Table 7-5. If the market price of an orange is $0.65, then consumer surplus amounts to <u>$3.60</u>
<h3>What
is consumer surplus?</h3>
Consumers' surplus is a measure of consumer welfare and is defined as the excess of social valuation of product over the price actually paid. It is measured by the area of a triangle below a demand curve and above the observed price. Since there is willingness to pay.
Therefore, the correct answer is as given above.
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The complete question goes thus:
For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Allison, Bob, and Charisse are the only three buyers of oranges, and only three oranges can be supplied per day.
Refer to Table 7-5. If the market price of an orange is $0.65, then consumer surplus amounts to________
