0
What else can I help you with?
What are the key differences between a perfectly competitive market and a non-perfectly competitive market?
In a perfectly competitive market, there are many buyers and sellers, products are identical, and there is easy entry and exit. Prices are determined by supply and demand. In a non-perfectly competitive market, there may be barriers to entry, products are differentiated, and firms have some control over prices.
How is a monopolist different from a perfectly competitive firm in terms of market structure and behavior?
A monopolist is a single seller in the market with significant control over prices, while a perfectly competitive firm is one of many sellers with no control over prices. Monopolists can set prices higher and produce less, while perfectly competitive firms must accept market prices and produce more to compete.
Is marginal revenue equal to price in a perfectly competitive market?
In a perfectly competitive market, marginal revenue is equal to price.
Is the price equal to marginal revenue in a perfectly competitive market?
In a perfectly competitive market, the price is equal to the marginal revenue.
Why does a perfectly competitive market require many participants as both buyers?
so no individual can control the price
What are the key differences between a perfectly competitive market and a non-perfectly competitive market?
In a perfectly competitive market, there are many buyers and sellers, products are identical, and there is easy entry and exit. Prices are determined by supply and demand. In a non-perfectly competitive market, there may be barriers to entry, products are differentiated, and firms have some control over prices.
How is a monopolist different from a perfectly competitive firm in terms of market structure and behavior?
A monopolist is a single seller in the market with significant control over prices, while a perfectly competitive firm is one of many sellers with no control over prices. Monopolists can set prices higher and produce less, while perfectly competitive firms must accept market prices and produce more to compete.
Is marginal revenue equal to price in a perfectly competitive market?
In a perfectly competitive market, marginal revenue is equal to price.
Is the price equal to marginal revenue in a perfectly competitive market?
In a perfectly competitive market, the price is equal to the marginal revenue.
Why does a perfectly competitive market require many participants as both buyers?
so no individual can control the price
Does marginal revenue equal price in a perfectly competitive market?
Yes, in a perfectly competitive market, marginal revenue equals price.
Is cigarette market a perfectly competitive market?
There is no such thing as a perfectly competitive market. It is merely a economic model to compare other market structures to. Cigarette market is more likely a oligopoly.
Why does a perfectly competitive market require many participants as both buyers and sellers?
So no individual can control the price.
How are prices set in a perfectly competitive market?
By Market Force
Is the used car market perfectly competitive?
no
Do perfectly competitive firms advertise?
Perfectly competitive firms would not advertise as advertising would serve no purpose. A market that is perfectly competitive exists only in theory.
When the process of entry or exit ends in a perfectly competitive market?
The idea of a perfectly competitive market is that no one business or entity is large enough to hold power over a market or product. Zero entry and exit barriers make this possible, because it means that the market is ever changing as businesses fail and new companies emerge.
