1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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).

You might be interested in
During a recession, what is one way governments try to encourage growth? by increasing unemployment benefits by stopping governm
storchak [24]
During a recession, the way that governments try to encourage growth is : increasing unemployment benefits

During a recession, a number of unemployment will rapidly increased ( almost a third of citizen could be jobless). In order to handle this, government could increase unemployment benefit so the unemployed people have enough to scrapped by until the recession is over or started a new business.
7 0
3 years ago
Read 2 more answers
How is the price elasticity of demand​ measured? A. by multiplying the percentage change in the​ product's price by the percenta
Lapatulllka [165]

Answer:

How is the price elasticity of demand​ measured?

c. by dividing the percentage change in the quantity demanded of a product by the percentage change in the product's price

Explanation:

Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price when nothing but the price changes. More precisely, it gives the percentage change in quantity demanded in response to a one percent change in price.

8 0
3 years ago
Read 2 more answers
Name the non-partisan organization that has set the rules for U.S. presidential and
Oksi-84 [34.3K]

Answer:

The non-partisan organization that has set the rules for U.S. presidential and  vice presidential debates since 1987 is discussed below in details.

Explanation:

A non-partisan system is an arrangement of administration or organizations such that general and intermittent elections take place without relating to political parties. there are two types of Non-partisan organizations: De facto and De jure.

The commission of presidential debates was organized in the year 1987 to assure that the debates, as a constant part of every general election. The commission of presidential debate advocate and present debates for the United States presidential and vice-presidential candidate.

6 0
3 years ago
Contrary to recommendations by consumer credit counselors, most consumers don’t keep written track of their purchases, relying i
Viktor [21]

Answer:

mental budgeting

Explanation:

This is an example of mental budgeting because mental budget reduce the resistance that consumers feel when buying more than one item.

If you have a wide range of products, especially the spectrum of "serious", from need to fun then you can promote purchases in the mix  categories.

so answer is mental budgeting

5 0
3 years ago
Judy served as director of marketing for a Florida homebuilder. She was terminated within an initial 90-day assessment review pe
algol13

Answer and Explanation:

a.

According to the United States law that governs whistle blower protection, the whistle blowers could be protected from expected retaliation that can be from a team or an individual for company violation in terms of laws, rules, etc

Also it protects the permanent employees and the workers who work on temporary basis that report the major mistakes

So here the Judy would be eligible for the whistleblower protection

b.

The factors that need to be considered are as follows;

1. The actions that breaks the rules of the company

2. The reason of firing Jude after getting the offer of new employment

3. The action i.e. subduing due to which Jude become speechless in the exit interview

Only these three factors are need to be considered

6 0
3 years ago
Other questions:
  • What are the four main types of Permission Sets in ePO?
    14·1 answer
  • What are the types of information salespeople need to prepare for sales dialogue?
    5·1 answer
  • When the number of responses is important to a schedule of reinforcement, that schedule is called a ________ schedule?
    14·1 answer
  • Why do you think wants is less important?​
    12·1 answer
  • True or False: Employees and entrepreneurs experience stress and need to know how to manage
    11·1 answer
  • Cumberland Enterprises makes a variety of products that it sells to other businesses. The company’s activity-based costing syste
    8·1 answer
  • In December 2014, Todd, a cash basis taxpayer, paid $1,200 fire insurance for the calendar year 2015 on a building he held for r
    14·1 answer
  • What is nursing ?why is it needed?​
    13·2 answers
  • In today's manufacturing environment, there is a growing philosophy that supports the deployment of smaller, less directly manag
    7·1 answer
  • which channel is typically used for short, one-to-one or one-to-many messages and is ideal for quick announcements and confirmat
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!