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What factors determine the shape of the long run supply curve in perfect competition?
The shape of the long run supply curve in perfect competition is determined by factors such as technology, input prices, and economies of scale. These factors influence the ability of firms to produce goods efficiently and at different levels of output, which in turn affects the overall shape of the supply curve.
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What factors determine money supply?
factors which determine money supply is: open market operations, variable money supply bank rate policy.
What is market equilibrium under perfect competition?
it is a state in which market demand = market supply
Is price determined by interaction of total demand and total supply in market under perfect competition?
Yes
What are the key factors that influence the dynamics of the supply and demand game in the market?
The key factors that influence the dynamics of supply and demand in the market include consumer preferences, prices of goods and services, production costs, competition among producers, government regulations, and external factors such as economic conditions and technological advancements. These factors interact to determine the equilibrium price and quantity of goods and services in the market.
Discuss Factor pricing under perfect competition?
factor pricing means the payments made to various factors of production .for example- land,labour ,capital,entrepreneur gets rent,wages,interest and profit respectively for their contribution in production. under perfect competition supply of labour is perfectly elastic.(i.e. supply curve is drawn parallel to x-axis.). to understand factor pricing ,one needs to get acquainted with marginal productivity theory of production first which states that factors are paid the value of their marginal physical product.price of a factor is determined by its total demand and supply schedules.
What factors determine money supply?
factors which determine money supply is: open market operations, variable money supply bank rate policy.
What is market equilibrium under perfect competition?
it is a state in which market demand = market supply
What two factors determine market structure?
demand and supply
Is price determined by interaction of total demand and total supply in market under perfect competition?
Yes
What Two main factors that determine price?
The two main factors that determine price are supply and demand. When supply increases or demand decreases, prices tend to fall. Conversely, when supply decreases or demand increases, prices tend to rise.
What are the key factors that influence the dynamics of the supply and demand game in the market?
The key factors that influence the dynamics of supply and demand in the market include consumer preferences, prices of goods and services, production costs, competition among producers, government regulations, and external factors such as economic conditions and technological advancements. These factors interact to determine the equilibrium price and quantity of goods and services in the market.
Discuss Factor pricing under perfect competition?
factor pricing means the payments made to various factors of production .for example- land,labour ,capital,entrepreneur gets rent,wages,interest and profit respectively for their contribution in production. under perfect competition supply of labour is perfectly elastic.(i.e. supply curve is drawn parallel to x-axis.). to understand factor pricing ,one needs to get acquainted with marginal productivity theory of production first which states that factors are paid the value of their marginal physical product.price of a factor is determined by its total demand and supply schedules.
What are the 4 underlying assumption in the model of perfect competition?
Infinite amount of buyers and sellersHomogeneous goodsNo barriers to entryEveryone has perfect knowledge about the marketPrice is determined by supply and demand
Derive the wage offer curve and supply curve of labor and determine the equilibrium wage under perfect competition in the labor market?
The question doesn't provide any curve, because that's impossible on Answers.com. However it's easy to determine the equilibrium wage in a perfectly competitive market by equating the market demand for labour with the market supply of labour.
What factors determine whether a species can be presented in a place?
The weather,food supply
Why is independent action of buyers and seller important to have perfect competition?
Independent action of buyers and sellers is crucial for perfect competition because it ensures that no single buyer or seller can influence market prices. In a perfectly competitive market, numerous participants make decisions based on their own preferences and information, leading to supply and demand dynamics that determine prices. This independence fosters transparency and efficiency, allowing resources to be allocated optimally. Without it, market distortions could arise, undermining the ideal characteristics of perfect competition.
What is wage determination in perfect competition?
?Perfect competition in a resource market means that there aremany small buyers of the resource, and that none can influencethe market. The supply curve is identical to the marginalresource cost curve (MRC), and is horizontal. The wage is givendirectly by the intersection of the supply line and MRP curve(which is the demand for labor).Graph G-MIC9.1
