Explain what the assumption of free entry and exit in a perfectly competitive market implies for the long run competitive equilibrium?

How did the lauch of Apple's ipad effect the competitive market environment? High prices and high profits in a competitive generally lead to new suppliers entering the market, prices sliding down the market demand curve, the market supply curve shifting to the right, and significant product and technological innovation.

How do price controls affect the workings of a perfectly competitive market? Use a supply demand diagram as part of your answer.

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Choose the one alternative that best that answers the question. Assume the market for organic produce is perfectly competitive. All else being equal, as more farmers choose to produce and sell organic produce, in the long-run, Select one: a. The equilibrium price is likely to increase, and profits are likely to remain unchanged. b. The equilibrium price is likely to remain unchanged, and profits are likely to increase. c. The equilibrium price is likely to decrease, and profits are likely to decrease. d. The equilibrium price is likely to increase, and profits are likely to increase. e. Both the equilibrium price and quantity are likely to remain unchanged.

PLEASE ANSWER QUESTION 2

Assume the firms in a perfectly competitive market are initially incurring economic losses. An increase in supply would cause existing firms' economic losses to decrease.  True OR False?

Which of the following characteristic(s) of competitive markets is(are) necessary for a perfectly competitive firm to be a price-taker? i) There are many sellers and buyers. ii) Firms produce identical products. iii) Sellers and buyers are well informed. iv) There is no restriction on entry or exit. Group of answer choices (i) and (ii) only (i), (ii) and (iii) only (iii) only (iv) only

Under certain assumptions, 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. Please provide in - text citations and academic references

PLEASE ANSWER QUESTION 4