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A: Hi! thanks for the question but as per the guidelines, we can answer only one question at one time.…
Q: List the conditions required for purely competitive markets.
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A: Average fixed cost = Total fixed cost / Quantity of output.
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Q: Hi there. can you please assist on the following question 1. Describe any four requirements for a…
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Q: List the requirements for a perfectly competitive goods market.
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A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Which statement best describes the equilibrium in a perfectly competitive market A. Firms' average…
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A: Marginal revenue= (change in total revenue / change in quantity demanded)
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Q: What are the requirements for a perfect competition market?
A: Competitive market: - it is a market condition where there are many buyers and many sellers in the…
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Q: List and explain the importance of each of the five characteristics of purely competitive markets.
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A: In the long run equilibrium in perfectly competitive market, firms earn an economic profit of zero.
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A: In the long-run, the demand matches the supply.
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A: *Answer :-
Describe any four requirements for a
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- What assumptions in the perfectly competitive market can be used to explain the three conditions that satisfy general equilibrium and pareto optimality. Identify these assumptions and carefully discuss the three (3) conditions for Pareto Optimality in this case.Suppose the market for bottled water and the market for soft drinks both have large numbers of buyers and sellers. Which of these markets is likely tobe more competitive?What are the Characteristics of a Purely Competitive Market?
- Will a profit-maximizing firm in a competitive market ever produce a positive level of output in the range where the marginal cost is falling? Give an explanation.How do you find Profit maximization using total cost and total revenue curves in a price takers market?Identify whether or not each of the following scenarios describes a competitive market, along with the correct explanation of why or why not. Scenario Is the market competitive? There are thousands of ninth and tenth graders in need of geometry tutoring services in Chicago. Of the twenty or so companies in town currently offering geometry tutoring, parents of high schoolers view the quality of each individual tutoring service to be about the same. There are thousands of car dealerships that serve millions of consumers each year. The dealerships vary by location, offerings, and quality, allowing consumers with an array of preferences to find vehicles that match their individual needs. A few major airline companies represent a great majority of total air travel. Consumers consider all different flights to be essentially the same, and comparison shop for the lowest price. The government has granted the U.S. Postal Service the exclusive right to…