What is the role of economies of scale to determine the success of a firm in managing forces of competition? Explain. What is the role of advertising to determine the success of a firm in managing forces of competition? Explain.

Q: what is difference between perfect and pure competition? Highlight the assumptions of perfect…

A: Pure Competition is a subpart of perfect competition Pure competition is a market situation where…

Q: Imagine you own a company STR LLC. You produce homogenous and easily available goods. Explain the…

A: Market refers to a place at which buyers and sellers of goods or services comes in contact with each…

Q: DARRELL WADE, CO-FOUNDER AND CEO OF Intrepid Travel It was a long time ago now, way before there was…

A: According to the story given in the question above,  Darrell was a traveler who did not want to go…

Q: What type of economic profit can most firms expect to make in the long run? Explain your answer.

A: A market is a place where buying and selling of goods and services takes place.

Q: A perfectly competitive firm is considered to be more generous in terms of price and quantity of…

A: In perfect competition there are Large number of buyers and sellers exchange homogeneous product at…

Q: In perfect competition, why do firms act as price takers? What happens if they charge a different…

A: In a perfect competitive market, the firm will earn a super normal profit in the short run,…

Q: Use the table below to answer questions about Christina's Christmas Wreaths. Christina operates in a…

A: "In perfectly competitive market, price equates the marginal revenue and average revenue."

Q: What are the major characteristics of a firm competing under conditions of perfect competition?

A: The perfect competition is a market structure which is characterized by the presence of a large…

Q: On the next few slides be sure to answer the following questions, What is perfect competition? Give…

A: Under perfect competition, there are many buyers and sellers and prices tend to reflect the demand…

Q: How would a pizzeria in a densely populated area with 20 to 50 competitors thrive in a pure short…

A: The pizzeria could thrive in short run than long run, because of several factors. In short run, it…

Q: Explain how a firm chooses a level of output to maximise profit

A: The profit maximization refers to a situation where the firm is earning the maximum possible profits…

Q: If a firm's total revenue is $100, it's total cost is $130, and its total fixed cost is $40. Should…

A: Hi Student, thanks for posting the question. As per the guideline we are providing answers for the…

Q: QUESTION 1 You are currently on your summer break. You could either enjoy your summer in Hawaii with…

A: An ideal market with perfect competition is an extreme case. In accordance with economic theory,…

Q: Discuss the long-run benefits of running a firm in perfect competition.

A:

Q: A large city has nearly 500 restaurants, with new ones entering regularly as the population grows.…

A: A perfectly competitive market alludes to a market structure in which there are countless firms and…

Q: As we begin to study different market structures, consider a market that is fiercely competitive.…

A: The market structure can be divided into four based on the degree of competition and the type of…

Q: The Economy Tomorrow Using the folowing graph as a reference, what will be the effect of a…

A: We have given

Q: Read the following scenario. Imagine a market where there is perfect competition between two or…

A: *Answer:

Q: How does a market compete with other firms efficiently to maintain profit in a competitive market…

A: Competitive market: In a competitive market framework, many firms face the market demand altogether.…

Q: based on four market structure in economics, why some firms able to continue to make an economic…

A: Meaning of Market: The term market refers to the situation under which the producers or the…

Q: why do economists and policy makers use perfect competition as a benchmark to analyze market…

A: Perfectly competitive market: - it is a market condition where there are many buyers and many…

Q: What are the advantages of pure competition?

A: Answer: A purely competitive business is the most efficient type of operation. This is due to the…

Q: Explain the feature of the large number of the sellers and the buyers in the perfect competition

A: Meaning of Market: The term market refers to the situation under which the producers or the…

Q: Coldwater Bicycle Company operates its factories at capacity and holds a dominant market position in…

A: (Since you have asked many questions, we will solve the first one for you. If you want any specific…

Q: Why is Perfect Competition an ideal market structure? Please explain

A: In a market, a perfect competition is considered as an ideal market when there is other markets like…

Q: In perfect competition, why is a firm's marginal revenue curve also the demand curve for the firm's…

A: In a perfectly competitive firm there are huge number buyers and sellers in the market alongside…

Q: How does perfect competition effect the pharmaceutical industry?

A: In a market structure with perfect competition, there are numerous small enterprises that are price…

Q: Journal Entry Complete a Journal Entry: With reference to "The Parable of the Seaside Inn", answer…

A: Resort hotels may choose to stay open during the off-season despite charging bargain rates that may…

Q: What are some characteristics of perfect competition?  Is the Banana market a perfect competition?…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: What are the four basic assumptions of perfect competition? Explain in words what they imply for a…

A: A perfect competition market is completely different from other markets as other markets have some…

Q: Using the graph from the previous question, explain why a competitive industry is efficient. Be sure…

A: The capacity of a competitive industry to attain both allocative and productive efficiency qualifies…

Q: Does economic theory contend that for every product, the market for the product should be perfectly…

A: When the equilibrium state of the perfect competition is being taken into consideration it is not in…

Q: 1. A) What are the underlying assumptions associated with Perfect Competition? B) Explain why firms…

A: A. The assumptions based on the perfect competition are as follows: There are a large number of…

Q: Explain why a perfectly competitive firm would or would not advertise.

A: Perfect competition refers to the type of market organization in which there are many buyers and…

Q: Description The firm's demand is as follows: Price $18 16 15 14 13 12 10 Quantity 2 3 4 5 6 78 Total…

A: Marginal reve­nue represe­nts the additional income a company generates by selling one more unit of…

Q: SE THE GRAPH TO ANSWER THE FOLLOWING QUESTIONS: (IF REQUIRED, USE THE DISCREET NUMBER OF BARRELS).…

A: The maximizes profits where the MR= MC. The MC curve cuts the AVC cost curve at its minimum point.…

Q: monopolistic competition

A: The characteristics and market structure that determine how the goods and services are bought and…