Answer:
Option C “both buyers and sellers” is correct answer.
Explanation:
The competitive market is the market where a large number of buyers and sellers exist with the liberty of free entry and exit. Moreover, these firms sell homogeneous commodities. However, in the competitive market, the price of the commodity is determined by the market forces ( demand and supply). The intersection of the market demand curve and the market supply curve gives the equilibrium price and this price is followed by the firms. Since buyer and seller represent the market forces that are buyer represent the market demand and seller represent the market supply so when both act together then price and quantity is determined.
I think it might be C, but i'm not sure
Answer and Explanation:
An increase in the number of firms increases the demand elasticity. As the demand elasticity increases from 2 to 3 it means you could encounter less demand if product prices are increased. At a demand elasticity of -3, it is regarded as inelastic demand and a change in price will not affect the demand for the product as customers are still likely to patronize the product example gasoline. Due to its high demand, an increase in price will not readily affect the demand for it. Therefore if you are to change the price from $10 at 2 to 3 demand elasticity increase, the percentage of increase from 2 to 3 is given as.
3-2/2 X 100 = 50%
The new charge (x) at -3 demand elasticity = 50%/3 = 0.66666666
The increase in the new charge is therefore $10 + $10x = $10 + $10(0.166666) = $11.67
Answer:
False
Explanation:
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