In a perfectly competitive market, every seller takes the price of its product as set by market conditions.
<h3>
What is a Perfect Competitive Market?</h3>
Perfect competition is an ideal type of market structure where all producers and consumers have full and symmetric information and no transaction costs. There are a large number of producers and consumers competing with one another in this kind of environment.
Perfect competition is a market structure where many firms offer a homogeneous product. Because there is freedom of entry and exit and perfect information, firms will make normal profits and prices will be kept low by competitive pressures.
<h3>What are some examples of Perfectly Competitive Markets?</h3>
3 Perfect Competition Examples
- Agriculture: In this market, products are very similar. Carrots, potatoes, and grain are all generic, with many farmers producing them.
- Foreign Exchange Markets: In this market, traders exchange currencies.
- Online shopping: We may not see the internet as a distinct market.
Thus, we can say that the correct option is B.
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Roman may buy 23 tomato and 9 radish, for the school garden.
<h3><u>Calculation:</u></h3>
Let (r) represent the cost of one packet of radish seeds, and
Let (t) represent the cost of one packet of tomato seeds.
Amount spent by roman = $62.75
It denotes that;
Roman bought 32 packets of seeds and one packet of radish seeds costs = $ 1.75.
One packet of tomato seeds costs = $ 2.50.
It denotes that,
Substitute t=9 , and r= 23, we have
In eq. 1
In eq.2
Here, both the equations are satisfied, therefore, option [C] is correct.
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Answer:
4/11 and 6/15 dressers.
Explanation:
Absolute advantage is the ability of a country to produce more of a product given the same resources than another country per unit time. It also applies when a country is able to produce same amount of goods with another country given less inputs.
So a country that produces more goods uses a more efficient process to get more output.
In this scenario a worker in Peru can produce 11 lamps or 4 dressers in a day and a worker in Canada can produce 15 lamps or 6 dressers in a day. Canada has absolute advantage in producing lamps and dressers, so importing these items will not be beneficial.
To get a balance where both countries will benefit a lamp will have to go for a ratio of each countrie's product to the opportunity cost.
That is for Peru to produce 4 dressers it will have opportunity cost of 11 lamps. So the ratio is 4/11.
Also for Canada to produce 6 dressers it will have opportunity cost of 15 lamps. So the ratio is 6/15.
Lamp should trade for between 4/11 to 6/15 dressers for both countries to benefit.
Answer:
$550,000
Explanation:
Based on the information given the OPPORTUNITY COST OF RUNNING THE HARDWARE STORE will be $550,000 ($500,000+$50,000), which include the amount of $500,000 which is the cost of renting the store as well as to the cost to buy the stock while the $50,000 is her salary as an Accountant, reason been that she would QUIT HER JOB as an accountant in order for her to run the store.
Therefore the OPPORTUNITY COST will be $550,000
