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What industry comes the closest to being purely competitive in that there are plenty of sellers to keep the costs low for the consumers?
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What is Competitive market system?
A competitive market is one that has multiple buyers and sellers. This means there is no single vendor or consumer who has absolute control over the price in the market. In such a market, businesses openly compete for market share.
Orcording to law if you have high supply with low demend you get lower prices?
When supply is greater than demand, consumers are at liberty to choose from their many options. This leads to sellers lowering their prices to remain competitive, and entice customers to choose them.
Economic rivalry among sellers for the consumers' dollars is called?
competition
What is the struggle among sellers to attract consumers while lowering costs?
Competition
What are the requirements for perfect competition?
Perfect knowledge of market - buyers' and sellers' sides Many buyers and sellers Sellers are passive price takers Free entry and exit for the industry Homogenous product
What is Competitive market system?
A competitive market is one that has multiple buyers and sellers. This means there is no single vendor or consumer who has absolute control over the price in the market. In such a market, businesses openly compete for market share.
Orcording to law if you have high supply with low demend you get lower prices?
When supply is greater than demand, consumers are at liberty to choose from their many options. This leads to sellers lowering their prices to remain competitive, and entice customers to choose them.
Economic rivalry among sellers for the consumers' dollars is called?
competition
What is the retailing sector?
retailing sector is comprise of whole sellers managers and consumers.
What is the struggle among sellers to attract consumers while lowering costs?
Competition
What industry was Fort Worth founded on?
ranchers and agricultural sellers
What are the buyers and sellers in carbon trading?
Industries are the buyers and sellers in carbon trading. Because in carbon trading, one industry buy the CO2 emission permits fron another industry.
Why does a perfectly competitive market require many buyers and sellers?
You need these people in order to sell products. Money needs to exchange hands in order to be competitive.
What is the needs of consumer?
Consumers are always exploited by traders and sellers. Consumer awareness is needed to prevent the exploitation of consumers by traders and manufacturers. Consumers must also be made aware of their rights and duties.
Why does a perfectly competitive require many participants as both buyers and sellers?
So no individual can control the price.
What are the requirements for competition?
Perfect knowledge of market - buyers' and sellers' sides Many buyers and sellers Sellers are passive price takers Free entry and exit for the industry Homogenous product
What are the requirements for perfect competition?
Perfect knowledge of market - buyers' and sellers' sides Many buyers and sellers Sellers are passive price takers Free entry and exit for the industry Homogenous product
