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IgorLugansk [536]
3 years ago
8

Several years ago, Alcoa was effectively the sole seller of aluminum because the firm owned nearly all of the aluminum ore reser

ves in the world. This market was not perfectly competitive because this situation violated the:
Business
1 answer:
Alinara [238K]3 years ago
5 0

Answer:

price-taking assumption.

free entry assumption.

Explanation:

A perfectly competitive market is one in which different firms compete for consumers of their products. The characteristics of the perfectly competitive market are:

- products are nearly identical

- all the firms are price takers. That is they are not able to determine price independently

- buyer knowledge of information about products is perfect and available to all

- free entry and exit to the market

- resources are perfectly mobile

In the given scenario above two of these rules are not obeyed.

Alcoa was effectively the sole seller of aluminum because the firm owned nearly all of the aluminum ore reserves in the world.

So they determine the price ( they are not price takers)

Also since they own nearly all the aluminium reserves there is no free entry for new firms

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d

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2 years ago
g if 1 British pound can be exchanged for 180 cents of U.S. currency, what fraction should be used to compute the indirect quota
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vovangra [49]

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So, when there is voting among red velvet and chocolate cake, the majority will select the Chocolate cake and among winner and vanilla majority will vote for Vanilla cake.

This is because Dina and Juanita favor vanilla over chocolate.

Among Chocolate and vanilla cake, the majority will elect for vanilla and among this winner and red velvet cake, the majority will choose for Red velvet cake.

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