A large city has nearly 500 restaurants, with new ones entering regularly as the population grows. The city decides to limit the number of restaurant licenses to 500. Which characteristics of this market are consistent with perfect competition and which are not? Is this restaurant market likely to be nearly competitive? Explain your answer. Which of the following characteristics are consistent with perfect competition? (Check all that apply.) A. A limited number of restaurant licenses. B. A market with 500 restaurants. C. A growing population. D. New restaurants regularly entering. E. An active city government.

What are the three conditions for a market to be perfectly​ competitive? For a market to be perfectly​ competitive, there must be   A. many buyers and​ sellers, with all firms selling identical​ products, and no barriers to new firms entering the market.   B. many buyers and nothing​sellers, with all firms selling identical​ products, and substantial barriers to new firms entering the market.   C. many buyers and​ sellers, with firms selling similar but not identical​ products, with low barriers to new firms entering the market.   D. many buyers and one​ seller, with the firm producing a product that has no close​ substitutes, and barriers to new firms entering the market.

Which of the following is most likely to operate under a perfectly competitive market? 1) 2) 3) 4) A neighborhood dry cleaner An airline company A supermarket chain store An automobile manufacturer

Consider a perfectly competitive market that was in a long-run equilibrium when a permanent increase in demand occurs. Which of the following will occur as a result? i. The existing firms will start to earn an economic profit. ii. New firms will be motivated to enter the market. iii. Some firms that cannot meet the new demand will exit the market. A) i and ii only B) ii and ii only C) i and iii D) ii only E) i, ii and ii

6.a) Figure 8.7 shows cost curves for Penny's Parasols, a perfectly competitive firm. At which of the point would Penny's Parasols be certain to close down? A,  B,  C,  D, or E.  Explain:   b) Figure 8.7 shows cost curves for Penny's Parasols, a perfectly competitive firm. At which point(s) would Penny's Parasols endure economic losses, but continue to produce in the short run? D,  F,  A,  C, or E. Explain:   6.c) Which point in Figure 8.7 represents a break-even situation for a perfectly competitive firm? A,  B,  C,  D, or E.  Explain:   6.d) At which point in Figure 8.7 would a perfectly competitive firm earn the same profit, or suffer the same loss, by producing rather than by shutting down? A,  B,  C,  D, or F.  Explain:   Choose and explain your answer above thoroughly--graphical, algebraically, numerically. Kindly see screenshot attached. Please explain with as much detail as possible, using the graph in your answer.

I'm not sure if I answered these correctly.

Suppose that in a small town, the market for cement had five companies with market shares 0.3, 0.2, 0.2, 0.2, and 0.1. The following year, a new firm entered but the leading firm increased its share. Now the shares are 0.5, 0.1,0.1, 0.1, 0.1, and 0.1. Did the market become more competitive or less competitive?

Crabby Bob’s is a seafood restaurant in a beach resort in Delaware. Crabby Bob’s earns a profit each month from May through September, suffers losses in October, November, and April but remains open, and remains closed from December through March. Given that the restaurant market in this town is perfectly competitive, how would you explain Crabby Bob’s decisions?

What is the correct answer? In pure competition, if the market price of the product is lower than the minimum average total cost of the firms, then A. some firms will enter the industry and the industry supply will increase B. other firms will exit the industry and the industry supply will decrease C. some firms will exit the industry and the industry supply will increase D. other firms will enter the industry and the industry supply will decrease

Assume the following regarding a firm in Perfect Competition: Market Demand = Qd 460-3P Market Supply = Qs = 9 P Each identical firm has: MC=4q ATC = 14 1. What price will the firm charge? Number 2. What is the firm's equilibrium quantity? Number 3. What is the firm's total cost? Number 4. What is the firm's total revenue? Number 5. What is the firm's profit or loss? (use a negative sign to indicate a loss) Number 6. Is the firm in a short-run or long-run situation? Click for List