In the context of economics, competition implies that:There is only one seller in the market.The same product is available at a variety of prices.There are multiple independent buyers and sellers in the market.Sellers can influence market prices by creating product shortages.

In the context of economics, a competitive market is one in which numerous buyers and sellers…

Answered: In the context of economics,…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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a competitive firm can sell any amoun if the firm set a price equal to the market price
A market is in equilibrium when supply is equal to demand. the price is adjusting upward. the quantity supplied is equal to the quantity demanded. tastes and preference remain constant.
Market equilibrium takes place at the point where MC < MR True/ False
the presence of competition in free markets and why A)is undesirable because it results in unnecessary duplication of efforts b)usually result in better quality and lower prices c) is rare since most markets eventually evolve into monopolies d). is undesirable because one big firm can usually produce goods more efficiently than a large number of small firms
All markets that are not perfectly competitive have which of the following characteristics? Each firm's marginal revenue is always equal to the market price. The product that each firm sells has no close substitutes. Firms in the market have some control over price, that is, each firm faces a downward sloping demand curve. Firms will produce a level of output where marginal cost equals the minimum level of average cost.
Which of the following companies are most likely to face a nearly horizontal demand curve? Group of answer choices Companies (like Netflix) offering programs on television or computers Companies offering search engines on the Internet clothing retail stores offering their goods on the Internet The wholesale oil industry.
A surplus (excess) condition will cause the supplier / producer to increase the price to get more profit so that the price returns to the equilibrium point.True or false?
Because of producer–producer rivalry, the price will tend to Multiple Choice rise up to the maximum price the consumers are willing and able to pay. be the same as the monopoly price. be driven to a lower price. be the same as the competitive price.
The demand in a market is given by D (p) = 10 - p². There are 6 competitive sellers each with a cost function C(q) = ½ + q². 1 (a) the market. (b) (c) Find the supply curve for an individual seller and the supply curve for Find the short run competitive equilibrium price with the 6 sellers. Find a long run competitive equilibrium price and number of sellers.
policies government can have in place to increase perfect competition in the market
demand and supply functions P = 65 – 3Qd and P = 35 + 2Qs Determine the market price and market quantity
Fill in the table by the main characteristics of the competitive markets. Criteria: Pure and perfect competition Imperfect competition Monopolistic competition Oligopoly Monopoly Number of sellers Number of buyers Type of the commodity Price control Barriers of entry to the market Access to the market information Examples of real production markets

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In the context of economics, competition implies that: There is only one seller in the market. The same product is available at a variety of prices. There are multiple independent buyers and sellers in the market. Sellers can influence market prices by creating product shortages.