Explain about the terms in perfect competition, Managerial Economics

Assignment Help:

Explain about the terms in perfect competition.

Perfect Competition:

a. A price-taking producer is a maker whose actions have no consequence onto the market price of the good this sells.

b. A price-taking consumer is a customer whose actions have no consequence onto the market price of the good he or she buys.

c. A perfectly competitive market is a market within which all market contributors are price-takers.

d. A perfectly competitive industry is industries within those producers are price-takers.


Related Discussions:- Explain about the terms in perfect competition

Marginal and average cost, In the city of Gelato the market for ice cream i...

In the city of Gelato the market for ice cream is perfectly competitive. Aggregate demand for ice cream is: where p is the price for one cone of ice cream. All ice cream pr

Calculate maximize total revenue, A city has two newspapers. Demand for eit...

A city has two newspapers. Demand for either paper depends on its own price and the price of its rival. Demand functions for paper A & B respectively, measured in tens of thousands

what is the elasticity of labor demand , Asuume there are two inputs in th...

Asuume there are two inputs in the production function, labor & capital, and these two inputs are perfect substitutes. The existing technology permits one machine to do the work of

Managerial economic, gap between economic theory and business practice

gap between economic theory and business practice

Presentation, to give presentation on the topic: shutdown and abandoned cos...

to give presentation on the topic: shutdown and abandoned cost analysis?

Search theories - a brief'' historical overview, SEARCH THEORIES  -  A BR...

SEARCH THEORIES  -  A BRIEF' HISTORICAL OVERVIEW   A search theory of unemployment is found even in the writings of A. C. Pigou in  the inter-war  period. To explain the  high

#sales maximisation theory, how realistic is the sales maximization model f...

how realistic is the sales maximization model from experience with business objectives as pursued by Zimbabwean firms

Features of monoploy in monopolistic competition, Features of Monoploy in M...

Features of Monoploy in Monopolistic Competition Monopolistic competition has the following features from monopoly : As the products are differentiated substitutes, each b

Economics for decision making, Suppose the consumer can choose either coffe...

Suppose the consumer can choose either coffee shop 1 or coffee shop 2, but not both. - Assuming that other things (such as location, quality of coffee, and so on) are the same,

Write Your Message!

Captcha
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