Answer:
The assumptions that a perfectly competitive market is based on do not exist in the real world. But this market form exhibits efficiencies which others don't. That's why it is used in studying market structure.
Explanation:
Perfect competition is assumed to have the characteristics that are not found in the real world. For instance,
1. A large number of buyers and sellers
2. No barriers to entry and exit
3. Homogenous products
4. Buyers have perfect knowledge
5. Firms are price takers
All these do not really exist in the real world. Firms produce differentiated products. There are a number of restrictions like high costs, licensing, etc. Buyers do not have perfect knowledge.
But perfect competition exhibits both allocative as well as productive efficiency, while other market forms are mostly inefficient. That's why in studying market structure we start from perfect competition because it is the ideal case.
Answer:
Exports will increase and imports will decline.
Explanation:
A depreciation in the value of a currency implies that its relative value as compared to other currencies has declined. A depreciation in the value of the dollar implies that the relative value of the dollar has declined.
This will make domestic goods cheaper for foreign consumers and foreign goods expensive for domestic consumers. The domestic consumers will need to pay more or the same as the dollar now values less.
This will cause US imports to decline and exports to increase. The domestic producer will consume more of the domestically produced goods.
The reason why he didn't make the decision was because of the fact that Jamison is being influenced by the substitution effect by which if he were to chose the decision of reducing his hours, the opportunity cost of choosing the decision is likely to be high.<span />
I'm useless but not for long
The future is coming on
I ain't happy, I'm feeling glad
I got sunshine in a bag
I'm useless but not for long
The future is coming on
It's coming on
It's coming on
It's coming on
Answer:
An entrepreneur can achieve his objectives of being self employed in the following ways.
1 Works Hard. ...
2 When he/she is Energetic. ...
3 Wants Financial Success. ...
4 Has Family Support:
5 Takes Risks: ...
6 Sacrifices Employment Benefits: ...
7 Has a Need to Achieve: ...
8 Has Business Experience: