The demand for each seller's product in perfect competition is horizontal at the market price because each seller is too small to affect market price. the price is set by the government. all the sellers get together and set the price. all the demanders get together and set the price.
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The demand for each seller's product in
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- How can a business compete with other businesses that sell the same products? Lower the price of the competing item. Produce less of the competing item. Raise the price of the competing item. Produce more of the competing item.In a market this is highly competitive with little product differentiation and easy market entry, prices tend to be Group of answer choices a. Marginal b. Elastic c. Inelastic d. StaticIf you want to increase demand for your restaurantbut are unable to lower prices or increase advertising,what steps might you take?
- What kind of business is a travel agency? What problems are solved with the help of a travel agency and how? How does a travel agency fit in the competitive market?Paulina sells beef in a competitive market where the price is $5 per pound. Her total revenue and total costs are given in the table below. Quantity of beef (lbs.) 0 1 2 3 4 Total revenue ($) 0 5 10 15 20 Total cost ($) 4 7 a. Fill out the table. 11 16 23 Profit ($) Marginal revenue ($) Marginal cost ($) Instructions: Round your answers to the nearest dollar and include a negative sign if appropriate. b. At what quantity does marginal revenue equal marginal cost? pounds. Marginal profit ($)There are 38 nearly identical ABC stores within a one-mile radius in Waikiki. The combined size of these 38 stores allows ABC to offer large quantities at favorable prices. a. ABC gained market power through economies of scale government protection control of an important input . b. ABC’s market power does does not guarantee that the firm makes an economic profit.
- a. Graph a purely competitive market showing the point of equilibrium at a price of $150 and a total product of 400,000. b. Next to this graph, graph the purely competitive firm. What price will the firm charge for the product? Will they charge $150, less than $150, or more than $150? c. Show the demand, average revenue, and marginal revenue curve on the graph for the firm. d. Show the profit maximizing quantity for the firm at 250 units of output, or tp. e. Show this firm making a profit of $5,000, making sure to solve for the numerical value for the ATC at the quantity, or tp, of 250, and showing the profit area on the graph.Please graph what the market looks like with a short decrease in demand and what one firm looks like with a short run decrease in demand. Please make sure to graph your answer with all necessary labeling.Given the current market conditions, list and explain ONE strategy that dairy producers could implement to increase revenue.