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laila [671]
3 years ago
7

What assumptions are necessary for a market to be perfectly​ competitive? In light of what you have learned in this​ chapter, wh

y is each of these assumptions​ important? For a market to be perfectly​ competitive, A. firms must be price​ takers, firms must produce a homogeneous​ product, and firms must be able to easily enter and exit the market. B. firms must have market​ power, firms must produce a differentiated​ product, and firms must be able to easily enter and exit the market. C. only one firm can have access to a key​ input, the government must regulate entry of new​ firms, and the​ long-run average cost of production must be decreasing. D. only one firm can produce​ output, no close substitutes may​ exist, and firms must not be able to enter the market. E. only a few firms may produce​ output, firms must have market​ power, and firms must produce a homogenous product.
Business
2 answers:
Sergio [31]3 years ago
8 0

Answer:

Option A and B is applicable for a market to be perfectly​ competitive, A. firms must be price​ takers, firms must produce a homogeneous​ product, and firms must be able to easily enter and exit the market. B. firms must have market​ power, firms must produce a differentiated​ product, and firms must be able to easily enter and exit the market.  

Explanation:

Perfect competition refers to the situation prevailing in a market in which buyers and sellers are in abundance and well informed that all elements of monopoly are non existent and the market price of a commodity is beyond the control of individual buyers and sellers.

For firm to attain perfect competition, certain conditions must be met. Here is a few to begin with.

  • There are many buyers and sellers in the market.
  • Each company makes a similar product.
  • Buyers and sellers have access to perfect information about price.
  • There are no transaction costs.
  • There are no barriers to entry into or exit from the market.

From the foregoing, option A and B are satisfactory assumptions for perfect competition.

zzz [600]3 years ago
7 0

Answer: A

Firms must be price​ takers, firms must produce a homogeneous​ product, and firms must be able to easily enter and exit the market

Explanation:

A perfectly competitive market is a market in there are many sellers of a single homogeneous goods, many buyers, abundance of information about product, free entry and exit at any point and no transaction cost. None of the (selling) firms is big enough to determine the market price. A perfectly competitive market totally follows the law of demand and supply.

Total revenue for a firm in a perfectly competitive market is the function of product price and quantity (TR = P * Q).

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. In a perfectly competitive market, the demand curve facing each individual seller is assumed to be ... a) perfectly inelastic
bagirrra123 [75]

Answer:

e) perfectly elastic

Explanation:

Elasticity is a measure of the sensitivity of demand to the price of a product. If demand is elastic, bidders should avoid raising prices as demand decreases considerably. Conversely, when demand is inelastic, consumers are less sensitive to price changes. When demand is perfectly elastic, this means that a slight increase in the price of a good will cause all demand to flow to a competing supplier. This is observed in competitive markets where providers provide the same type of good for the market price. If one of them raises the price, he loses all of his market share. This is because consumers are rational and will buy the product that is offered at the lowest possible price.

8 0
3 years ago
1.which of the following groups would you not send a persuasive business letter to?
stepladder [879]
<h3>1. Answer:</h3><h2>D. Vendors</h2><h3>Explanation:</h3>

Persuasive business letters are letters written in great detail which describes in length the strategies, practices, and tools required in order to reach a certain goal. These letters are considered official paperwork that represents your personality. Which is why they are sent out to official business partners as well as potential clients/users so as to detail your plan to them. Vendors do not need to know the inner workings and practices which is why they are excluded from the list.



<h3>2. Answer:</h3><h2> C. Convincing readers that the action you propose in easy.</h2><h3>Explanation:</h3>

The AIDA format is a widely used marketing practice that stands for Attention, Interest, Desire, and Action. Of these 4 phases, the action phase entails all the information that the reader needs in order to properly understand the actions needed in order to either make a purchase or at the very least to fully make the intention of making a purchase. Which is why the language used needs to be convincing so as to make the reader as comfortable as possible.


<h3>3. Answer:</h3><h2>A. builds desire by emphasizing how inexpensive the solution is</h2><h3>Explanation:</h3>

The AIDA format is a widely used marketing practice that stands for Attention, Interest, Desire, and Action. Through this letter, the objective is to convince the reader to feel the need, or desire, to make the purchase. Which is why great emphasis is put on the solution itself and how easy it is to implement. This can be done via showing how inexpensive it is, like in this case, or how easily implementable it is through other means. But regardless of the reason, it must emphasize and entice the reader into realizing how much they want the product.

<h3>4. Answer: </h3><h2>A. please return the enclosed coupon by June 15 for your free oil and filter change. </h2><h3>Explanation: </h3>

It is widely believed that the best way to make a concluding statement is to give the reader an incentive to reply, without setting very strict deadlines or conditions. As in the case above, the correct answer choice provides the reader with an incentive to answer by the 15th of June. Unlike the other options which either do not make the incentive clear to the reader or provide no incentive at all, the correct choice is tailored towards that specific reader and makes the message very clear.


<h3>5. Answer: </h3><h2>C. logical, emotional  </h2><h3>Explanation: </h3>

The objective of a persuasive message is to entice and convince the reader. Which is why it is very important to make the reader fully understand the product, realize its need and evaluate its affordability and/or feasibility. The best way to achieve this result is to form a logical argument so that the client fully understands both the need of the product and its uses, as well as, provide an emotional backing to that logical argument stating how much better they'd be through its use. Thereby fully captivating the reader.

<h3>6. Answer: </h3><h2>C. quickly getting to the point of the message </h2><h3>Explanation: </h3>

In writing a persuasive message, the structure of the message is very important. Rather than blurting out as much information in a small amount of time, or conversely, giving very little information, the best option is to provide an appropriate amount with proper structure. Which is why things like using positive language, being mindful of one's culture and heritage, and building credibility are important.


<h3>7. Answer: </h3><h2>B. emphasizing how horrible your company's customer service department is </h2><h3>Explanation: </h3>

While writing a persuasive message it is imperative to focus on what you and your company is best at and to play at your strengths. Mentioning the weaknesses and shortcomings of your company will almost always lead to a detrimental effect on the reader. Which is why it is a good practice to provide solutions and workarounds for any issue that may arise, rather than highlighting faults and thereby losing clients.

<h3>8. Answer: </h3><h2>D. By as many types and as much information as possible </h2><h3>Explanation: </h3>

The purpose of marketing and sales letters is to provide the reader with any and every way that the product can be used to solve a problem, and how it can be put to use. For this purpose, the reader needs to know all the types of products and all relevant information so they can make the decision of whether it helps them with their problems or not.

<h3>9. Answer: </h3><h2>D. Attention, interest, desire, action </h2><h3>Explanation: </h3>

This one is pretty self-explanatory. AIDA is a marketing model that is used to detail all the steps involved in the decision-making process of the consumer. It starts from where the consumer first hears of it (Attention), to the specific steps required in order to help the consumer make the decision of buying the product (Action). This is one of the longest and most widely used models in marketing.


<h2>Please Check the attachment for the remaining answers.</h2>
Download docx
6 0
3 years ago
Read 2 more answers
ClearPrint Company sells inkjet printers for a low basic price. Customers need to buy inkjet cartridges repeatedly. What type of
PilotLPTM [1.2K]

Answer:

C; captive

Explanation:

The correct answer here is the captive product pricing. This system enables companies to sell other product known as the captive product alongside the main product which is called the core product.

By selling the printer at a reduced price, the company can make a gain on this by ensuring that the auxiliary product which is the catridge is something that needs to be bought repeatedly.

Thus, the company has enhanced the sales of the ink catridge by ensuring that it’s an important part needed for the main product which is the printer to function.

So in this question, we can see that the catridge is the peripheral or auxiliary product otherwise called the captive product while the core product is the printer which is sold basically at a cheaper price

8 0
3 years ago
________ controls formalize standards, rules, procedures, and control disciplines to ensure that the organization's general and
zloy xaker [14]

Administrative controls formalize standards, rules, procedures, and control disciplines to ensure that the organization's general and application controls are properly executed and enforced.

Administrative controls are the controls which are a  type of hazard control. They are used in order to improve safety within the workplace by putting policies and rules  in place which reduces  the occupational risk faced by workers by  altering the way in which  their work is performed.

Administrative controls include implementation of  policies, rules, and schedules which support safety  as well as  the setting of  safe operating procedures and standards.

It includes different training criteria, housekeeping duties, and maintenance practices in order to reduce exposure to different hazardous substances and dangerous tasks.

To know more about administrative controls here:

brainly.com/question/27421787

#SPJ4

5 0
1 year ago
A company pays an employee $3,000 for a five-day work week, monday–friday. the adjusting entry on december 31, which is a wednes
GREYUIT [131]

Answer: True

Explanation:

From the question, we are told that a company pays an employee $3,000 for a five-day work week from Monday to Friday. This means that the employee receives a daily payment of ($3,000/5) = $600.

On Wednesday which is the third day, he will be paid ($600 × 3) = $1800. Therefore , the adjusting entry on December 31, which falls on a Wednesday will be to debit the wages expense, $1,800, and then credit to wages payable of $1,800.

5 0
3 years ago
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