Family income- as a family how much you earn (I think)
Household- how much your whole household earns
Personal- how much you earn
A. Department of the Treasury
Answer:
The correct answer is option d.
Explanation:
Price discrimination is said to be existing if the same seller is selling same goods and services at different prices.
For price discrimination the seller must be able to differentiate market on the basis of price elasticity of demand. Higher price is charged where demand is less elastic.
The seller must have some degree of monopoly power.
The seller must prevent reselling of goods between the two market segments.
The different price elasticity for sellers and buyers is not a necessary condition.
Answer:
(a) Go down
(b) Decrease
(c) Increase
Explanation:
a) In a perfect competition (PC) market, all market participants are price-takers. In other words, if a company decides to raise price of its current product, customers can easily switch to another substitute which is offered by another seller in the market. Thus, in a PC market, computer prices over time will go down.
b) Even though computer firms are reaping high profits, in the long-run, however, the profit will decrease because new companies will enter the market and offer customers a similar quality but lower price products. It is due to the nature of a PC market, where there is no barrier to entry.
c) Number of computer firm in the market over time will increase because there are no barriers that hinder the entrance of new computer firms from entering the market.
Answer:
summing horizontally the segments of the MC curves lying above the AVC curve for all firms.
Explanation:
In a perfect competition, there are many buyers and sellers of homogeneous products, and there is free entry and exit in the market.
This simply means that, in a perfectly competitive market, there are many buyers and sellers (price takers) of homogeneous products (standardized products with substitute) and the market is free (practically open) to all individuals or business entities that are willing to trade all their goods and services.
Generally, a perfectly competitive market is characterized by the following features;
1. Perfect information.
2. No barriers, it is typically free.
3. Equilibrium price and quantity.
4. Many buyers and sellers.
5. Homogeneous products.
The short-run supply curve for a purely competitive industry can be found by summing horizontally the segments of the marginal cost (MC) curves lying above the average variable cost (AVC) curve for all firms.
