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This is the demand for commodities that offer similar functions to the consumer.
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What is competitve demand?
Competitive demand is the demand for commodities that offer similar functions to the consumer
What is the demand curve for output of a perfectly competitive firm?
Demand = Price = Marginal Cost.
In competitive markets a surplus or shortage will?
a Decrease in quolity and demand of the other
The labor demand curve of a purely competitive seller perfectly elastic?
yes the demand curve is perfectly inelastic and horizontal
What is equilibrium price in economics?
It is the price where demand equals supply in a competitive market.
What is competitve demand?
Competitive demand is the demand for commodities that offer similar functions to the consumer
What are the types of demand?
interrelated demand joint/complement demand competitive derived composite independent
What is the demand curve for output of a perfectly competitive firm?
Demand = Price = Marginal Cost.
In a perfectly competitive market an increase in demand will in the long run generally cause?
An increase in demand in a perfectly competitive market will lead to an increase in revenue for the business. The more they sell the more they will make.
In competitive markets a surplus or shortage will?
a Decrease in quolity and demand of the other
The labor demand curve of a purely competitive seller perfectly elastic?
yes the demand curve is perfectly inelastic and horizontal
What is equilibrium price in economics?
It is the price where demand equals supply in a competitive market.
Why demand always downward slop in competitive market?
The reason why demand curve is always downward slopin a competitive market is because there are many sellers and buyers in the market.so the price of a commodity in such market determines the demand and supply of that product.unlike a monopolistic market were there is just öne seller and many buyers
The demand curve for a monopolist differs from the demand curve faced by a competitive firm?
The pure monopolist's market situation differs from that of a competitive firm in that the monopolist's demand curve is downsloping, causing the marginal-revenue curve to lie below the demand curve. Like the competitive seller, the pure monopolist will maximize profit by equating marginal revenue and marginal cost. Barriers to entry may permit a monopolist to acquire economic profit even in the long run.
What determines the Competitive intensity in industry?
Demand and the number of competitors in an industry influence the competitive nature of a business. Another factor to competition is profit margins.
What type of curve does the perfectly competitive firm face?
perfectly elastic demand function.
Why do single firms in perfectly competitive markets face horizontal demand curves?
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