The following are attributes of only a competitive market:
price taker
identical products
The following is not an attribute of either markets: few sellers
The following is an attribute of both markets: price is equal to marginal cost
<h3>What is a
competitive market?</h3>
A competitive market is characterized by many buyers and sellers of identical goods and services. Market prices are set by the forces of demand and supply. So, buyers and sellers are price takers There are no barriers to entry or exit of firms into the industry.
<h3>What is a monopolistically competitive market?</h3>
A monopolistic competition is when there are many firms selling differentiated products in an industry. The demand curve is downward sloping. it sets the price for its goods and services.
To learn more about monopolistic competition, please check: brainly.com/question/21052250
The Paleozoic Era is bracketed by two major events in earth's history. It began with an unexplained explosion in animal life and ended with the world's largest mass-extinction known to man. The causes of these great events are currently unknown and under debate.
Answer:
PART A
- Red: 7/29
- Blue: 8/29
- Yellow: 5/29
- Green: 9/29
PART B
- Red or blue: 7/29 + 8/29 = 15/29
- Yellow or green: 5/29 + 9/29 = 14/29
- Blue or yellow or green: 8/29 + 5/29 + 9/29 = 22/29
Explanation:
In this case where the question is asking or <u>OR</u> and the events are <u>mutually exclusive</u> (Mutually exclusive meaning you can't attain two or three different colors in one pick), the compound probability is the sum of the probability of each component event (Probability of Red <u>OR</u> Blue = P(Red) + P(Blue) = 7/29 + 8/29 = 15/29)