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What is markets in which firms sell their output of goods and services?
The product market is the market in which firms sell their output of goods and services.
How does a perfect market influence output?
Each firm adjusts its output so that its cost, including profit, are covered.
Is the market mix of output and the optimal mix of output are always the same?
well in my class it is mostly about exsisting resources
Evaluate price and output determination under imperfect market structure?
Would it not be a Monopolistic with imperfect market structure
When the market mechanism is allowed to operate freely prices will determine?
The mix of output to be produced, the resources to be used in the production process, and for whom the output is produced
What is markets in which firms sell their output of goods and services?
The product market is the market in which firms sell their output of goods and services.
What is market efficiency?
it is a broad concept and final result..... M.E. is simply defined as the ratio between the market output to the market input multiplied by 100. so, ME= market output or satisfaction / market input or cost of resources X 100
What can a firm with market power do?
A firm with market power has the ability to control prices and total market output .
What are some of the more popular output devices on the market?
There are a variety of output devices on the market. The most popular items used are that of keyboard and mouse as computers are widely used in our society.
How does a perfect market influence output?
Each firm adjusts its output so that its cost, including profit, are covered.
Is the market mix of output and the optimal mix of output are always the same?
well in my class it is mostly about exsisting resources
Evaluate price and output determination under imperfect market structure?
Would it not be a Monopolistic with imperfect market structure
When the market mechanism is allowed to operate freely prices will determine?
The mix of output to be produced, the resources to be used in the production process, and for whom the output is produced
How is a market supply curve similar to an individual supply curve?
The individual supply curve is the supply curve of a single firm producing output. Now say there are X individual producers there at any price P* the total available output is the output of all X producers ( a horizontal summation) this total of each individual supply curve gives the market supply curve. Put it simply all firms sell their output in the market.
What is the economy in which the interaction of supply and demand determines price and output?
Market Economy
What is national income accounting in economics?
is the measurement of the flows of output (goods and services) of an output (factors of production) that pass through the market in an economy during a specific period
Why the demand curve faced by a perfectly competitive firm is horizontal?
The firm at perfect competition faces more than one competitor. All the firms are price taker and they take the market price as given. If one firm wants to sell its output at a pricehigher than the market price, it will sell nothing as buyers will go to the firm offering lower market price. If one firm wants to sell its output at a lower price, it will take the whole market demand for it. At the market price, determined by interactions between sellers, the firms will sell whatever output it wants. So, the firms determine the price and each firm determines its output. So the demand curve will be horizontal.
