1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ohaa [14]
2 years ago
10

A characteristic of perfect competition is when ​

History
1 answer:
frutty [35]2 years ago
4 0

Answer:

Firms are said to be in perfect competition when the following conditions occur: (1) many firms produce identical products; (2) many buyers are available to buy the product, and many sellers are available to sell the product; (3) sellers and buyers have all relevant information to make rational decisions about the product being bought and sold; and (4) firms can enter and leave the market without any restrictions—in other words, there is free entry and exit into and out of the market.

Explanation:

A perfectly competitive firm is known as a price taker, because the pressure of competing firms forces them to accept the prevailing equilibrium price in the market. If a firm in a perfectly competitive market raises the price of its product by so much as a penny, it will lose all of its sales to competitors. When a wheat grower, as discussed in the Bring it Home feature, wants to know what the going price of wheat is, he or she has to go to the computer or listen to the radio to check. The market price is determined solely by supply and demand in the entire market and not the individual farmer. Also, a perfectly competitive firm must be a very small player in the overall market, so that it can increase or decrease output without noticeably affecting the overall quantity supplied and price in the market.

A perfectly competitive market is a hypothetical extreme; however, producers in a number of industries do face many competitor firms selling highly similar goods, in which case they must often act as price takers. Agricultural markets are often used as an example. The same crops grown by different farmers are largely interchangeable. According to the United States Department of Agriculture monthly reports, in 2015, U.S. corn farmers received an average price of $6.00 per bushel and wheat farmers received an average price of $6.00 per bushel. A corn farmer who attempted to sell at $7.00 per bushel, or a wheat grower who attempted to sell for $8.00 per bushel, would not have found any buyers. A perfectly competitive firm will not sell below the equilibrium price either. Why should they when they can sell all they want at the higher price? Other examples of agricultural markets that operate in close to perfectly competitive markets are small roadside produce markets and small organic farmers.

You might be interested in
Jesus is scourged on what day?
nirvana33 [79]

Answer:

Chronology. There is no consensus regarding the exact date of the crucifixion of Jesus, although it is generally agreed by biblical scholars that it was on a Friday on or near Passover (Nisan 14), during the governorship of Pontius Pilate (who ruled AD 26–36).

8 0
3 years ago
In a 150-word essay explain how the Wilmot Proviso was so controversial in raising the debate over the slave issue again to such
Angelina_Jolie [31]

Answer:

The Wilmot Proviso was a proposal for an act prohibiting slavery in areas joined to the Union as a result of the war with Mexico.

Adhering to the idea of ​​Revealed Destiny, James Polk sought to expand the territory of the states of the Union. To this end, in 1846, he tried to buy New Mexico and California territory for Mexico for $ 30 million. Faced with the refusal, the president provoked hostilities which led to the official declaration of war by Congress. After some time, Polk asked both houses of Parliament to pay $ 2 million for peace negotiations and establishing a border with Mexico. On August 8, 1846, a member of the House of Representatives of the Democratic Party, David Wilmot, submitted a motion to enact a law prohibiting slavery in all newly annexed areas. This clause was voted twice in the lower chamber (in 1846 and 1847), but each time the Senate did not agree to its adoption. In addition to the industrialized North, Western Democrats also voted in favor of the bill, accusing the President's secret alliance with the South and signing the Walker Customs Act, which reduced tariffs. Abolitionists from the North believed that the ban on slavery was within Congress's competence.

The law was never successfully voted, but disputes in both main parties, resulting from an attempt to regulate slavery, led to the creation of the Republican Party, which strongly supported the clause.

7 0
3 years ago
There was evidence of widespread voter fraud in the 2020 election <br> True<br> False
kirill [66]

Answer:

This question is technically an opinion but realistically it should be false?

Explanation:

4 0
3 years ago
Read 2 more answers
Who was the Soviet leader during both the Eisenhower and Kennedy presidencies? A. Putin B. Gorbachev C. Stalin D. Khrushchev
I am Lyosha [343]

Khrushchev D is the answer

7 0
3 years ago
Read 2 more answers
Railroads built throughout Texas are an example of -
Lady bird [3.3K]

Answer:

x = d

Explanation:

3 0
2 years ago
Read 2 more answers
Other questions:
  • 1.What was our first national constitution called? 2.In a confederation(confederal system), who has most of the power, state gov
    15·2 answers
  • According to the 1850 essay "slavery and the bible" in de bow's review, northern opposition to slavery:
    6·1 answer
  • Which of the following was NOT a Roman principle of law that became a part of the American legal system?
    6·1 answer
  • Why did the compromise of 1850 prove to be only a temporary solution to a larger problem
    7·2 answers
  • What are the characteristics of a patriarchy
    13·1 answer
  • What lasting impact did the anti federalists demands give us
    10·1 answer
  • Plzz help asap Item 24
    14·1 answer
  • Which issue was a focus of the Democratic Republican Party?
    10·1 answer
  • How the North was able to over come the south's rebellion
    12·1 answer
  • How has the HUMAN RIGHTS VIOLATION changed over time?
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!