In a perfectly competitive market,a. every seller tries to distinguish itself by offering abetter product than its rivals.b. every seller takes the price of its product as setby market conditions.c. every seller tries to undercut the prices chargedby its rivals.d. one seller has successfully outcompeted its rivalsso no other sellers remain

Marginal benefit and marginal cost (dollars per swim) 50 MC 40 30 20 10 MB D 2 3 4 5 Manatee swims (per week) The figure above shows Kaley's marginal benefit from swimming with manatees and Scott's marginal cost of providing manatee swimming tours. At 1 manatee swim per week, Kaley's marginal benefit is __ and Scott's marginal cost is A) $40; $10 B) $40; $40 C) $90; $50

Firms J and K produce compact-disc players and compete againstone another. Each firm can develop either an economy player (E)or a deluxe player (D). According to the best available marketresearch, the firms’ resulting profits are given by the accompanyingpayoff table.a. The firms make their decision independently, and each is seeking itsown maximum profit. Is it possible to make a confident predictionconcerning their actions and the outcome? Explain.Firm KE DE 30, 55 50, 60 Firm JD 40, 75 25, 50b. Suppose that firm J has a lead in development and so can move first.What action should J take, and what will be K’s response?c. What will be the outcome if firm K can move first?

Henry Potter owns the only wcU in town that pro-ducesclean drinking water. He faces the follO\\•ingdemand, marginal revenue, and marginal cost curves:Demand: P • 70 - QMarginal Revenue: MR • 70 - 2Q~arginal Cost: MC • lO + Qa. Graph these three curves. Assuming thatMr. Potter maximizes profit, what quantity docshe produce? What prioc does he charge? Showthese rcsuiiS on your graph.b. Mayor George Bailey, concerned about water con~sumcrs_. is considering a price ceiling that is10 percent below the monopoly price derived inpart (a). What quantity would be demanded atthis new price? Would the profit-maximizingMr. Potter produce that amount? Explain. (Hi11t:1hink about marginal cost.)c. George's Uncle Billy says that a price ceiling is abad idea because price ceilings cause shortages.Is he right in this case? What size shortage wouldthe prioc ociling create? Explain.d. George's friend Clarence, who is even more con~cerncd about consumers, suggests a price ceiling50 percent below the…

Price Panel B D KEL Quantity Price Price Panel A D Quantity Panel D D Quantity Price Panel C All the answers are correct. D Quantity Use the figure above. Which of the following statements is correct? O Panel B represents the typical demand curve for a perfectly competitive firm. O Panel A represents the typical demand curve for a perfectly competitive market. O Panel A represents the typical demand curve for a monopoly.

Please no written by hand and no emage

In an monopolistic competitive industry, firms can earn positive economic profits Select one: a. In the short run and in the long run. b. In the short run but not in the long run. c. Both in the short run and long run as he does not lose money. d. In the long run but not in the short run.

please help with C

The distinctive triangular boxes of Toblerone Swiss Chocolates give an image of exclusivity and sets their chocolates apart from their competitors on grocery store shelves. Which type of packaging is Toblerone using for their chocolates? Select one: a. Reusable packaging O b. Speciality packaging Oc. Family packaging Od. Economic packaging D

The market for agricultural products such as wheat or corn would best be described by which market model? O monopolistic competition Opure competition Opure monopoly oligopoly