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Some counties have been merged meaning you have a city with
a municipality and a county that acts as an extension of the state that
characteristics of both which called consolidated city counties. Then you have the county equivalents where there
are no counties but there are city type governments that exist or independent cities with no counties while
some are outside the jurisdiction of counties.
the likely reasons that the market for dress shirts is not perfectly competitive are<u> dress shirts are not a standardized (homogeneous) product.</u>
<h3>
What is being perfectly competitive?</h3>
A perfectly competitive market, often referred to as an atomistic market, is defined by multiple idealizing criteria, which are together referred to as perfectly competitive, or atomistic competition, in general equilibrium theory.
It has been shown in theoretical models with perfectly competitive that a market will find equilibrium when the amount supplied for each good or service, including labor, equals the amount sought at the current price.
A Pareto optimal equilibrium would be this one. Perfectly competitive marketplaces are not always productively efficient in the short run because the output does not always occur where marginal cost and average cost are equal.
Long-term productive efficiency, however, comes about as new businesses enter the sector. Price and cost are lowered to the minimum of long-term average costs due to competition.
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Answer:
D. relatively more inelastic because wine is a luxury.
Explanation:
Elasticity is a measure of the sensitivity of demand to price changes. When price changes significantly alter demand, we say that demand is elastic. On the contrary, when price changes do not significantly alter demand, we say that demand is inelastic. This is the case of wine in relation to water. Wine is a good that can be considered sophisticated, luxury. Therefore, consumers are less sensitive to variations in the price of wine. However, water is an abundant good and demanded by all. If the price of water increases, demand tends to decrease as the elasticity of water demand is relatively greater than the elasticity of demand for wine. In other words, wine the demand for wine is relatively more inelastic.
