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?Perfect competition in a resource market means that there are
many small buyers of the resource, and that none can influence
the market. The supply curve is identical to the marginal
resource cost curve (MRC), and is horizontal. The wage is given
directly by the intersection of the supply line and MRP curve
(which is the demand for labor).
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∙ 11y ago
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Price determination in perfect competition?
Price under perfect competition is determined by the forces of demand and supply of the industry. The price once fixed up by the industry is taken up by all the firms and the firm can sell any number of units at hat price.=The firm may earn normal profits, super normal profits in the short run whereas it earns normal profits in the long run.=
Is bottled water considered a perfect competition?
Perfect competition to what. Please be specific.
Does perfect competition exist?
No, Perfect Competition is just an imaginary one and it does not exist at all.
What is the market structure with the most competition?
Perfect Competition
What does perfect competition do?
Perfect competion lowers the cost of good and services by increasing the competition among firms.
Price determination in perfect competition?
Price under perfect competition is determined by the forces of demand and supply of the industry. The price once fixed up by the industry is taken up by all the firms and the firm can sell any number of units at hat price.=The firm may earn normal profits, super normal profits in the short run whereas it earns normal profits in the long run.=
Is IBM perfect competition?
IBM is a company, so it can't be a perfect competition. Only industries can be a perfect competition, or not.
What factors are considered in wage determination?
experience and your degree
How do you put the word determination into a sentence?
As the little girl entered the competition she was full of DETERMINATION.
Is bottled water considered a perfect competition?
Perfect competition to what. Please be specific.
What are three theories of wage determination?
i don't have a clue love
Does perfect competition exist?
No, Perfect Competition is just an imaginary one and it does not exist at all.
What is the market structure with the most competition?
Perfect Competition
Types of Market Competition?
Perfect Competition, Monopoly, Monopolistic Competition or Oligopoly
What does perfect competition do?
Perfect competion lowers the cost of good and services by increasing the competition among firms.
What does monopolistic competition and perfect competition have in common?
they maximize profit
The highest form of competition in economics called?
perfect competition
