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In a perfectly competitive market, individual consumers have _____.?
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no influence over determining price
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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.
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.
In a perfectly competitive market while an industry is a price maker an individual firm is a price taker elaborate?
An industry is a price maker because many companies compete and the market dictates the price. Companies are price takers because they can't set the prices. Organizations have to focus on keeping cost low.
In a perfectly competitive market do firms exhibit productive efficiency?
in the short-run they are not able to but in the longrun it can be attainerd as businesses want to lower their average costs!
Why would a market that consisted entirely of perfectly competitive firms not be 'perfect'?
The concept of perfect competition is based on a large number of small firms, where no single firm can affect the market price. These firms operate as price takers, and use the cost supplied by the market. These ideal companies would insure efficiency. However, perfect competitive firms are unrealistic in real world scenarios.
In a perfectly competitive market individual consumers have .?
no influence over determining price
What is the advantage of a consumers to choose from an adequate variety of goods and services?
a. It ensures a competitive market and allows for individual differences among consumers.
Why does a perfectly competitive market require many participants as both buyers?
so no individual can control the price
What is the advantage of a consumers right to choose from adequate variety of goods and services?
a. It ensures a competitive market and allows for individual differences among consumers.
What is an advantage of a consumers right to choose from a adequate variety of goods and services?
a. It ensures a competitive market and allows for individual differences among consumers.
Why does a perfectly competitive market require many participants as both buyers and sellers?
So no individual can control the price.
Is cigarette market a perfectly competitive market?
There is no such thing as a perfectly competitive market. It is merely a economic model to compare other market structures to. Cigarette market is more likely a oligopoly.
How are prices set in a perfectly competitive market?
By Market Force
Is the used car market perfectly competitive?
no
Do perfectly competitive firms advertise?
Perfectly competitive firms would not advertise as advertising would serve no purpose. A market that is perfectly competitive exists only in theory.
What is one reason that that individual producers in a perfectly competitive market have no influence over price?
One reason that individual producers in a perfectly competitive market have no influence over prices is because they produce a small amount of a product in comparison to the total supply of the product. Perfect competition is sometimes referred to as pure competition.
What are the characteristics of a perfectly competitive market and a monopoly market?
characteristics of perfectly competitive market includes 1.Homogeneous products i.e identical in shape,size,taste,color,e.t.c 2.perfect knowledge to both consumers and producers 3.no transport costs incurred 4.perfect mobility of factors of production 5.common prices for identical goods in the market. 6.
