What perfectly competitive market

Assignment Help Business Economics
Reference no: EM131236959

Consider the following for an example of a somewhat perfectly competitive market:

Can you think of any products that are not differentiated? In other words, are there any products that you buy where brand does not matter?

Can you think of any industries where there are no (or very low) entry barriers?

Reference no: EM131236959

Questions Cloud

What is producer surplus at competitive equilibrium : What is the quantity of games that will be broadcast at the competitive equilibrium? How much will the Premier League receive for each broadcast game at the competitive equilibrium? What is consumer surplus at the competitive equilibrium? What is pro..
What factors might increase the demand for bonds : What factors might increase the demand for bonds? The supply? What would happen to the market for bonds if a law were passed that set a minimum price on bonds that was above the equilibrium price?
Medium-market team pay for its share of advertising budget : Assume that there are three types of teams in Major League Baseball: large market, medium market and small market. Each of these types has ten teams for a total of 30 teams. The demand function for each type of team is: What is the price Major League..
Unemployment insurance and mandated job security : What are the pros and cons of the government positioning controls on the labor market like; minimum wage, unemployment insurance and mandated job security? Explain each. Which of the aforementioned situations should be assigned in the United States i..
What perfectly competitive market : Consider the following for an example of a some what perfectly competitive market: Can you think of any products that are not differentiated? In other words, are there any products that you buy where brand does not matter? Can you think of any indust..
What are the pros and cons of the government : What are the pros and cons of the government not being involved in the labor market (laissez-fair)? What would be the pros and cons of an economy of personal income tax being fully substituted with a sales tax? Please explain why.
Radio station to see jazz band perform at an outdoor concert : Jim wins a ticket from a Radio station to see a jazz band perform at an outdoor concert. Mike has paid $18 for a ticket to the same concert. All the other costs of attending the concert (including parking, fuel, etc.) are the same for Jim and Mike.  ..
Quantity and quality of persons efforts may be in conflict : When the output is a service rather than a good, it sometimes is difficult to quantify this service. Furthermore, the quality of a service is often as important (if not more important) than the quantity. And in many cases, labor time spent with a cus..
What fraction of total variation in quantity demand of good : An MBA student has proposed the following demand equation for good Y. QdY = a + b PY + c M where: QdY = quantity demanded of good Y in millions of tons per year PY = Price of good Y in dollars per ton M = Average consumer income in thousands of dolla..

Reviews

Write a Review

Business Economics Questions & Answers

  According to purchasing power parity

According to Purchasing Power Parity, if a country has a relatively high inflation rate then its currency should be depreciating. Explain.

  If the monopolist practices price discrimination

suppose a monopolist can separate its customers into two groups. If the monopolist practices price discrimination, it will charge the lower price to the group with: The XYZ Company is a profit-maximizing firm with a monopoly in the production of UIC ..

  Explain how would a citizen whose income is in the bottom

Explain how would a citizen whose income is in the bottom one percent talk about scarcity and trade-offs.

  Q1 the government is involved in providing many goods and

q1. the government is involved in providing many goods and services. for each of the goods or services listed determine

  1 derive the fundamental equation of the solow model2

1. derive the fundamental equation of the solow model2. country a as well as country b both have the production

  What is the market equilibrium price

Suppose the competitive market price is $50, and a competitive firm’s total costs = 5q2 - 10q + 150 and marginal cost = 10q - 10. What is the market equilibrium price? Should the competitive firm produce q*? Explain why using one of the four key ques..

  Eliminate scarcity as an economic problem

Which of the following would eliminate scarcity as an economic problem?  Moderation of people’s competitive instincts. Discovery of large new energy reserves. Resumption of steady productivity growth. None of the above because scarcity cannot be elim..

  Economys macro equilibrium position

Suppose aggregate supply shifts to the left by $2,000 at each price level. What happens to the economy's macro equilibrium position? Suppose aggregate demand shifts to the right by $4,000 at each price level. What happns to the economy's macro equili..

  What are the differences in the available products

Compare an $80,000 median family income in 1980 to the same income in 1990, 2000, and 2010. What are the differences in the available products? What are the differences in the quality of those products? Considering this, in which of those years would..

  Tournament theory-high executive pay is due to moral hazard

According to tournament theory: Pay gaps between job positions get larger at successively higher levels in the organizational hierarchy. High executive pay is due to moral hazard. People seeking the CEO’s job compete to acquire the right signal about..

  Diagram of the market for money and the aggregate supply/

Draw, side by side, a diagram of the market for money and the aggregate supply/ aggregate demand to illustrate how inflation is created. Initiate the process in the AS-AD diagram with negative supply shock that the central bank decides to "accommodat..

  Increase in quantity demanded

If there is a 10% decline in the cost of women's fur coats and a 25% increase in quantity demanded Illustrate what is the elasticity.

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