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Remember under this market there's a government intervention.the Government determine the prices of the market by using the minimum(the minimum that the market can charge) and maximum wage(Maximum that the market can charge)
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Evaluate price and output determination under imperfect market structure?
Would it not be a Monopolistic with imperfect market structure
Is price determined by interaction of total demand and total supply in market under perfect competition?
Yes
How does the market economy function?
Market economy functions under the price mechanism. Prices of goods and serviced are determined by the interaction of demand and supply forces.
A firm under a perfact competition is a price-taker not price-maker with examples?
it is a price taker because under perfect competition,price is determined by the market(through price mechanism:demand and supply) and not producer.this is because there are so many producers of the same product and all have the perfect knowledge of the market and there is only one buyer of that product,so no body can decide the price of the commodity on behalf of others.thats why a firm under perfect competition is a price taker and not a price maker. As part of the industry, the firm has to simply charge price determined by the industry. If the firm charges more price, it will lose sales and if it charges less price it will incur losses. The typical example of perfect competition is agriculture. The products are indistinguishable. There are many potential suppliers. This makes the farmer a price taker; if he or she prices the product higher than the market price, he or she will not make any sales or make fewer sales, thus incurring loss. Thus the farmer has to go with the price determined by the industry in order to survive
What is the full economic price under a price ceiling of 3 when the market demand is Q60-6P and the market supply is Q4P?
qd= 8
Evaluate price and output determination under imperfect market structure?
Would it not be a Monopolistic with imperfect market structure
Is price determined by interaction of total demand and total supply in market under perfect competition?
Yes
What is the differences between perfect and imperfect markets?
Perfect markets refer to markets where there is competition and sellers are price takers. An imperfect market refers to markets that have a dominant seller and they are able to set the price.
How does the market economy function?
Market economy functions under the price mechanism. Prices of goods and serviced are determined by the interaction of demand and supply forces.
A firm under a perfact competition is a price-taker not price-maker with examples?
it is a price taker because under perfect competition,price is determined by the market(through price mechanism:demand and supply) and not producer.this is because there are so many producers of the same product and all have the perfect knowledge of the market and there is only one buyer of that product,so no body can decide the price of the commodity on behalf of others.thats why a firm under perfect competition is a price taker and not a price maker. As part of the industry, the firm has to simply charge price determined by the industry. If the firm charges more price, it will lose sales and if it charges less price it will incur losses. The typical example of perfect competition is agriculture. The products are indistinguishable. There are many potential suppliers. This makes the farmer a price taker; if he or she prices the product higher than the market price, he or she will not make any sales or make fewer sales, thus incurring loss. Thus the farmer has to go with the price determined by the industry in order to survive
What is the full economic price under a price ceiling of 3 when the market demand is Q60-6P and the market supply is Q4P?
qd= 8
What is market value?
The highest estimated price that a property will bring in a competitive and open market and under all conditions required for a fair sale.
How are price and output determined under pure or perfect competition?
Price is determined by the market and Output level is the only choice the firm has to make. Since firms want to maximise profit, it will produce at a level where Marginal Cost equals Marginal Revenue. This is the profit maximisation pointUnder the perfect competition sellers will reduce prices in order to sell more than their competitors.
How are price and output determined under pure and perfect competition?
Price is determined by the market and Output level is the only choice the firm has to make. Since firms want to maximise profit, it will produce at a level where Marginal Cost equals Marginal Revenue. This is the profit maximisation pointUnder the perfect competition sellers will reduce prices in order to sell more than their competitors.
What are the ratings and certificates for Under the Dome - 2013 Imperfect Circles 1-7?
Under the Dome - 2013 Imperfect Circles 1-7 is rated/received certificates of: Netherlands:12
Under this program congress establishes a price for a particular crop?
Under this program, Congress sets a price floor for a specific crop, ensuring that farmers receive a minimum price for their produce. If the market price falls below the established price, the government may step in to purchase the surplus at the fixed price, thereby providing stability to the agricultural sector. However, this approach can lead to overproduction and surpluses, which can be costly for the government and distort market forces.
What has the author Martin Currie written?
Martin Currie has written: 'Wrestling with time' -- subject(s): Microeconomics, Time and economic reactions 'Firm adjustment routines and product market selection under imperfect competition'
