me - Roblox x Homework Perfec x MindTap - Cenga X MindTap - Cenga X kabir dhillon trans x characters on insi x ng.cengage.com/static/nb/ui/evo/index.html?deploymentId=48985820043301194889180157&elSBN 9781305387638&id=2105230787&snaps CENGAGE MINDTAP Homework Perfect Competition 1. There must be many buyers and sellers-a few players can't dominate the market. 2. Firms must produce an identical product-buyers must regard all sellers' products as equivalent. 3. Firms and resources must be fully mobile, allowing free entry into and exit from the industry. The first two conditions imply that all consumers and firms are price takers. While the third is not necessary for price-taking behavior, assume for this problem that a market cannot maintain competition in the long run without free entry. Identify whether or not each of the following scenarios describes a competitive market, along with the correct explanation of why or why not. Scenario Is the market competitive? There are thousands of car dealerships that serve millions of consumers each year. The dealerships vary by location, offerings, and quality, allowing consumers with an array of preferences to find vehicles that match their individual needs. A few major airline companies represent a great majority of total air travel. Consumers consider all different flights to be essentially the same, and comparison shop for the lowest price. The government grants a patent to a pharmaceutical company protecting an experimental cancer treatment. That company is the only pharmaceutical producer allowed to manufacture and sell the treatment. Dozens of clothing manufacturers produce plain black undershirts. Consumers view plain black undershirts as identical and have no preference which company makes their undershirts. Yes, satisfies all assumptions No (no free entry) No (not many sellers) No (not an identical product) Grade It Now Save & Continue Continue without saving

dTap-Ce X Sales Channe X Bb The Stockhold X O Mail - Stepha X PPTX File vie X Bb The Stockhol X+ V o/index.html?deploymentid=58326418565810828045741812973&eISBN=9781337915601&id=1476281073&snapshotld=29188288 E MINDTAP Q Search this Exhibit 15-5 Price level Potential output b a Real. GDP 0 Exhibit 15.5 depicts the aggregate demand curve and the short-run aggregate supply curve of an economy. In this figure, short-run equilibrium occurs at O a. point b, where actual output exceeds potential output. O b. point a, where actual output exceeds potential output. O c. point c, where the actual price level is less than the expected price level. O d. point c, where the actual price level exceeds the expected price level. O e. point b, where the actual price level exceeds the expected price level. bike 2 bike 2.jpg A bike jpg.jpg A ^O ENG 4- OL 5 C SRAS AD 6 & + 8 ( A ol f10 ► 11

* MindTap - Cengage Learning x MindTap - Cengage Leaning x MindTap-Cengage Leaming x ampus x Course Modules FCON 102 1 X to https://ng.cengage.com/static/nb/ui/evo/index.html?deploymentld=598281236560221612301640424&elSBN=9780357133606&id=13800874548snap. Q Search t CENGAGE MINDTAP News Analysis: Border Security Tradeoffs The blue curve on the following graph shows the tradeoff between security and tourism; that is, combinations of security and tourism ols above the blue curve are not possible, and those on or below the curve are possible. The vertical axis measures security, defined as the probability that a terrorist is intercepted before entering the country. The horizontal axis measures the number of yearly visitors to the United States, in millions. Suppose that before 9/11, there were 55 million visitors per year, and the probability of intercepting any particular terrorist at customs and immigration was 10%, as indicated by the purple point (diamond symbol). After the 9/11…

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