Answer:
All buyers and sellers
Explanation:
A competitive market is a market where there are lots of producers who produces goods and service hence compete with one another with a view to providing and supplying goods and services that suits the needs of consumers.
In a competitive market, there are no barriers to entry and exit. Also, there are many buyers and sellers, hence there is adequate information about the price of a product. There are also no cost attached to transactions, undifferentiated products and both buyers and sellers determines the quantity of a product produced and the price of the product.
If the government should impose the per unit tax, the parts that would be affected are the average variable cost and the average cost
<h3>What is the per Unit tax?</h3>
This is the tax that is imposed per unit or on each unit of a good that has being sold or a service that has been rendered.
This is the type of tax that would affect the average variable cost and the average cost.
This type of tax is one that is proportional to the unit of the good sold. This is in terms of the quantity sold and not the price that was used to sell the good.
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Answer:
a. the decision to engage in one activity means forgoing some other activity.
Explanation:
Opportunity cost is the cost incurred when an economic agent forgoes some other activities to engage in one activity.
Economic agents have to make choices because wants are unlimited and resources are limited.
Opportunity cost is also known as economic cost.
An example of opportunity cost : Assume a doctor leaves his job where he earns $500,000 per annum to start his own business where his accounting profit is $700,000. His Opportunity cost is $500,000.
I hope my answer helps you.
