50. Perfect competition is a market structure which: A. Delivers the most consumer surplus for products that already exist. B. Leaves no producer surplus with which firms can engage in R&D to develop new products. C. Inhibits innovation because freedom of entry into the marketplace keeps firms from being able to internalize (capture for themselves) the benefits of their own R&D. D. All of these are facets of perfect competition. E. None of these are facets of perfect competition.

Distinguish among three types of imperfectly competitive industries and describe how imperfect competition differs from perfect competition.

Which of the following is not a characteristic of perfect competition?   a. Absence of economies of scale for individual producers.   b. Easy entry into the industry.   c. A large number of firms advertising extensively in an attempt to increase market share.   d. No product promotion strategy for individual firms   e. Standardized products

Which of the following is not a characteristic of perfect competition? A. Many buyers and many sellers B. Goods are homogeneous C. Imperfect information about the market D. Suppliers do not set prices

a. Perfectly competitive firms are profit maximiser. Use graph(s) and marginal analysis to explain how these firms determine their profit maximising output level. b. We all behave strategically when making decisions. Construct a game theory matrix and explain a strategic decision you made recently

1. A competitive industry is composed of 24 identical firms. Each firm has the following marginal cost of production in the short-run: MC = 58 +8Q. Each firm has the following Total Cost of production in the short-run: TC = 2 + 58Q +4Q². Demand for the product is given by the following demand curve: Qd = 1,211 - 2P. a. Explain why each firm will produce where market equilibrium price (Pe) equals the firm's marginal cost of production (MC). b. Derive an equation for the industry supply curve (i.e., Q₁ = .....). c. Find the market equilibrium price and quantity.. d. Are firms in this industry earning profit or losses in the short-run? (Hint: first compute how much output each firm produces). e. Compute the deadweight loss that would be produced if the government placed a $15 per unit tax on suppliers.. f. Who bore the greater burden of the tax, consumers or producers? Explain.

#4. Agriculture in india is mostly characterized by perfectly competitive market why? Short answer quickly

I need the answer as soon as possible

c. Lin's makes fortune cookies. Anyone can make and sell fortune cookies, so there are dozens of producers. All fortune cookies are the same and buyers and sellers know this fact. In what type of market does Lin's operate? What determines the price of fortune cookies? What determines Lin's marginal revenue? d. What is the shape of the AFC (average fixed cost) curve and why does it have this shape?

Why do sellers in perfectly competitive industries have no market power? choose from answers below a. There are large number of buyers and sellers. b. They all sell the same/identical goods. c. There are perfect substitutes available for the goods sold by any particular seller because they all sell identical goods. d. All of the above. e. None of the above.