Assumptions of purchase in perfectly competitive market

Assignment Help Business Economics
Reference no: EM131164554

Buying a hip replacement surgery is different from the assumptions of a purchase in the perfectly competitive market because A.the seller has an ethical duty to care for you. B. all buyers are price makers C.product characteristics do not vary significantly across providers. D. information is freely available about surgeons specializing in hip replacements.

Reference no: EM131164554

Questions Cloud

Provide their competitor prices to potential customers : In the 1980s, Progressive was a small auto insurance company that sold most of its policies to people who had poor driving records and could not qualify for the standard rate policies sold by other insurers. Progressive charged higher premiums for th..
The curve depicting the relationship : How would you interpret the following statement: “The curve depicting the relationship between national income per capita and life expectancy has shifted upward over time”?
Development of social insurance programs for health care : The necessary catalyst for development of social insurance programs for health care was the
The first study of death statistics : Starting with the late 17th century, the rise of economic science was associated with all of the following accomplishments, except. the first estimate of a nation’s GDP (in England). the first study of death statistics (in London), giving rise to the..
Assumptions of purchase in perfectly competitive market : Buying a hip replacement surgery is different from the assumptions of a purchase in the perfectly competitive market because. the seller has an ethical duty to care for you.
Example of productive inefficiency : Which of the following is an example of productive inefficiency?
The conventional new-product development process : The conventional New-Product Development Process- What are the steps here and what goes on where? Which do you feel creates the greatest challenges and why? While we are at it....New products can be everything from new-to- the-world products to minor..
Advocated for an increase in the minimum wage : Recently President Obama has advocated for an increase in the minimum wage. At the same time there have been organized labor movements arguing that the wage paid to fast food workers be raised to $15 per hour. What are the standard economic arguments..
Competitive firms operate at minimum of average cost curve : Society’s total surplus is maximized in perfectly competitive markets. Statement 2: In the long run, only perfectly competitive firms operate at the minimum of the average cost (AC) curve.

Reviews

Write a Review

Business Economics Questions & Answers

  What are likely opportunity costs associated with option

Assume that you are the manager of a company that experiences a 50% increase in market demand for its product during the summer months (June through August). What are the likely opportunity costs associated with each option? Explain your rationale. B..

  Design is systematic process

What is meant by the statement the questionnaire design is a systematic process? Indicate functions of (a) screening questions, (b) warm-ups, (c) transitions, (d) “skip” questions and (e) classification questions?

  Annual cash flow increases-annual interest rate

Calculate the present worth of the following geometric gradient series cash flow: Annual interest Rate =8.89 %, Annual cash flow increases 29% each year, The first year value is $52 and the series is 8 yrs long starting at EOY 1.

  Why is the u.s. gdp so much higher than that of mexico

Why is the U.S. GDP so much higher than that of Mexico? Would the same reasons apply when we compare the U.S. GDP to Canada's GDP?

  Three firms changes in their business environment

Your task is to write a report that describes, explainsand analyses three relevant newspaper articles published in the UK national print press.

  Discuss implications of this policy for output-interest rate

Suppose that the government imposes a temporary tari? on all imports, which makes imports more expensive relative to domestic residents (reducing the trade balance for any fixed level of the real exchange rate). Discuss the implications of this polic..

  Describe the free-rider problem

Your economics professor assigns a group project for the course. Describe the free-rider problem that can lead to a suboptimal outcome for your group. To combat this problem, the instructor asks you to evaluate the contribution of your peers in a con..

  Determine depletion charges using the percentage depletion

Determine the depletion charges using the percentage depletion method for the first year only for a coal mine. The applicable rate for the percentage depletion method is 10%. Cost to acquire mine rights = $50,000

  Upgrading and switching to the labor-intensive process

In evaluating projects, LeadTech’s engineers use a rate of 15%. One year ago a robotic-transfer machine was installed at a cost of $38,000. At the time, a 10-year life was estimated, but the machine has had a downtime rate of 28%, which is unacceptab..

  Real interest rate of interest earned by albert in each

Find out the real interest rate of interest earned by Albert in each of the three years also his total real return over the three year period.

  What is bribery and what are the issues caused by bribery

What is bribery, and what are the issues caused by bribery? How would you deal with bribery if you were faced with the issue?

  Several units of a homogeneous product as a single package

A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 80 – .5P, and the marginal cost of production is $100. a. Determine the optimal number of units to put i..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd