An example of a perfectly competitive industry is: A. cell phone service B. the automobile industry C. the restaurant industry D. wheat farming
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An example of a
A. cell phone service
B. the automobile industry
C. the restaurant industry
D. wheat farming
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- The closest example of a perfectly competitive industry is a. beer. b. Cabbage c. gas stations. d. fast foods.You read in a business magazine that farmers are reaping high profits. With the theory of perfect competition in mind, what do you expect to happen over time (in the long run) to each of the following? a. The prices of agricultural products b. The profits of farmers c. The equilibrium output in agricultural markets d. The number of farmsA requirement for a perfectly competitive market is that the sellers sell identical products (consumers don't care who makes the products sold in that market). Think about this from the perspective of the seller. What are the benefits of this? What are the drawbacks?
- What are the characteristics of a perfectly competitive industry?Which are the most likely to be produced in a perfectly competitive industry?A requirement for a perfectly competitive market is that the sellers sell identical products (consumers don't care who makes the products sold in that market). Think about this from the perspective of the seller. What are the benefits of this? What are the drawbacks? Address these questions in your discussion thread post. You can use a specific product (e.g., bushels of corn) in you discussion if you wish or you can write about generalities.
- An example of a perfectly competitive industry is Select one: a. the National Football League in Zimbabwe. b. the market for French impressionists' paintings. c. the market for corn in Botswana d. Automotive industryWhat assumptions are necessary for a market to be perfectly competitive? Explain why each of these assumptions is important. Consider the market for wheat which is a perfectly competitive market. Is the market demand curve the same as the demand curve facing an individual producer? If not, explain how and why they are different? Lastly, of the following industries, which are perfectly competitive? For those that are not perfectly competitive, explain why. a. Restaurants b. Corn c. College education d. Local radio and television It should be atleast 2 to 3 word pages with work cited pageExplain the concept of a perfectly competitive market and its characteristics.
- Explain market conditions in the long runIn a perfectly competitive market all producers sellWhen discussing pure competition, the term long run refers to a period of time long enough to allow: a. Firms already in an industry to either expand or contract their capacities. b. New firms to enter or existing firms to leave. c. Both a and b. d. None of the above.