Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Perfectly Competitive Markets
* Characteristics of Perfectly Competitive Markets
1. Price taking
2. Product homogeneity
3. Free entry and exit
* Price Taking
- The individual firm sells a small share of total market output and, thus, cannot influence the market price.
- The individual consumer buys too small share of industry output to have any impact on market price.
* Product Homogeneity
- The products of all the firms are perfect substitutes.
- Examples
* Free Entry and Exit
- Buyers can switch easily from one supplier to another.
- Suppliers can enter easily or exit a market.
- Possibility of other objectives
1) Revenue maximization
2) Dividend maximization
4) Short-run profit maximization
- Implications of nonprofit objective
- Long run profit maximization is valid and does not exclude possibility of altruistic behavior.
what are the properties of cob-douglas production function
Why in 1996 did the BEA switch to calculate real GDP using the "chained-dollar method" from the "constant-dollar method"? The BEA made the switch from the constant-dollar metho
Determinants of quantity supplied of a good The quantity of supplied of a product is influenced by factors such as the market price of the commodity, prices of inputs, techno
when average product is decreasing, marginal product is?
Questions 1. Mrs Holt, 85 years old, has been admitted to acute care following a fall resulting in a fractured femur. She is a widow and lives alone with her three cats for compa
1. Explain externality, how can government intervene to achieve allocative efficiency in case of external cost or external benefit? 2. Explain oligopoly's structure and use game t
what is money? functions
Question 1: (a) Using examples, explain how the theory of Purchasing Power Parity conforms to the Law of One Price. (b) According to you, how best does the Theory of Purchasing
how do I determine the profit-maximizing quantity of a firm for different market prices when only given TFC, TVC, and the market price
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd