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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.What are the two essential characteristics of a 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.
- Assuming perfect competition in the market for Good A, let's assume that the equilibrium market price has been established. Assuming all other conditions remain constant (under the ceteris paribus assumption), let's suppose that the price of Good B, which is a substitute for Good A, increases. In this case, how does the equilibrium market price and quantity of Good A change? Show with the help of a graph.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 OptimalityHow to find the inverse demand equation faced by a perfectly competitive market?
- In the year 2000, the town of Cuenca in Batangas did not have mountain resorts. Because of the influx of mountaineers to Mount Maculot during weekends, there are now five resorts operating in the said town and more than 10 resorts in nearby towns. All these resorts offer the same amenities—swimming pools and affordable lodgings. What feature of competitive markets does this demonstrate? Explain your answer.The graph shows the market demand and supply curves for semiconductor chips, and assume it to be a perfectly (or purely) competitive good. Suppose that it is discovered that semiconductor firms are earning positive economic profits. Assuming all else remains the same, show how the market responds to this discovery in the graph. Demand Supply Quantity PriceWhat is the relationship between economies of scale and the level of market competition?
- Perfect competition is an extremely rare type of market in the real world. This is because the conditions necessary for perfect competition are difficult to meet. Write about an example of perfect competition (or at least a market that is very close to perfect competition). Find an example of a market that seems to be perfectly competitive. Explain how your example satisfies the four conditions necessary for perfect competition. Do sellers in the market you’ve described brand themselves to consumers? Does this support the idea that this market is perfectly competitive? Explain. Do different sellers in the market you’ve described charge different prices for their product? Does your answer support the idea that this market is perfectly competitive? Explain. Does it seem as if the example you mentioned is allocatively efficient? In other words, does the market produce enough of this good (or does it produce too much or too little)? Explain.Identify whether or not each of the following scenarios describes a competitive market, along with the correct explanation of why or why not. Is the market competitive? Scenario In a college town, students choose between two providers of wireless internet access. All student housing is wired for both companies, and the internet service offered by both providers is equally fast and reliable. Several online retailers sell vintage crewneck sweatshirts. Each shop's crewnecks are characterized by the style of that particular brand. In addition, some producers use only cotton while others use a polyester blend, a distinction reflected in the price of the crewnecks. There are thousands of ninth and tenth graders in need of geometry tutoring services in San Francisco. 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. The government grants a patent to a pharmaceutical…Perfect competition is an extremely rare type of market in the real world. This is because the conditions necessary for perfect competition are difficult to meet. Write about an example of perfect competition (or at least a market that is very close to perfect competition). Do different sellers in the market you’ve described charge different prices for their product? Does your answer support the idea that this market is perfectly competitive? Explain. Does it seem as if the example you mentioned is allocatively efficient? In other words, does the market produce enough of this good (or does it produce too much or too little)? Explain.
