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Why do you have to study pure competition if it has never existed?
Wiki User
∙ 11y ago
produces ideal results in terms of low-cost production and allocative efficiency, and can be used as a basis of comparison.
Wiki User
∙ 11y ago
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Strictly speaking pure competition has never existed and probably never will then why study it strictly speaking pure competition has never existed and?
It can be shown that pure competition results in low-cost production (productive efficiency)- through long-run equilibrium occurring where P equals minimum ATC-and allocative efficiency-through long-run equilibrium occurring where P equals MC. Given this, it is then possible to analyze real world examples to see to what extent they conform to the ideal of plants Pure Competition 320 producing at their points of minimum ATC and thus producing the most desired commodities with the greatest economy in the use of resources.
Why do you study pure competition?
well i thik we have to because it is all a study of marketing........
What are five characteristics of pure competition?
I need an answer what are 5 characteristics of pure competition?
Which is the reason why there is no advertising by individual firms under pure competition?
Under pure competition, firms produce a homogeneous product, so there is no reason to advertise. Pure competition is also known as perfect competition.
What are the four basic market models?
Pure competition, pure monopoly, monopolistic competition, and oligopoly.
Strictly speaking pure competition has never existed and probably never will then why study it strictly speaking pure competition has never existed and?
It can be shown that pure competition results in low-cost production (productive efficiency)- through long-run equilibrium occurring where P equals minimum ATC-and allocative efficiency-through long-run equilibrium occurring where P equals MC. Given this, it is then possible to analyze real world examples to see to what extent they conform to the ideal of plants Pure Competition 320 producing at their points of minimum ATC and thus producing the most desired commodities with the greatest economy in the use of resources.
Why do you study pure competition?
well i thik we have to because it is all a study of marketing........
What are five characteristics of pure competition?
I need an answer what are 5 characteristics of pure competition?
Which is the reason why there is no advertising by individual firms under pure competition?
Under pure competition, firms produce a homogeneous product, so there is no reason to advertise. Pure competition is also known as perfect competition.
What are the four basic market models?
Pure competition, pure monopoly, monopolistic competition, and oligopoly.
What are the examples of pure competition?
The textile industry is probably the closest example to pure competition on Earth.
What is an example of pure competition?
The textile industry is probably the closest example to pure competition on Earth.
What best states the main difference between a monopoly and pure competition?
A monopoly involves no competition at all while pure competition involves a high level of competition.
What best states the main difference between monopoly and pure competition?
A monopoly involves no competition at all while pure competition involves a high level of competition.
When was St. Michael the Archangel canonized?
Michael was created by God long before the earth and universe existed as a pure spirit - an angel. He never lived as a human and had no need of canonization.Michael was created by God long before the universe existed as a pure spirit - an angel. He never lived as a human and had no need of canonization.Michael was created by God long before the earth universe existed as a pure spirit - an angel. He never lived as a human and had no need of canonization.
What business model creates a market structure that most closely approximates a market structure of pure competition?
The business model that creates a market structure that closely resembles pure competition is a monopolistic competition. Pure competition is also called perfect competition.
In what market models is X inefficiency least likely to be present 1 pure competition 2 oligopoly 3 monopolistic competition or 4 pure monopoly?
It is least likely to be in pure competition.
