Which are the most likely to be produced in a perfectly competitive industry?

Columbia’s coffee producers operate as if they are in a perfectly competitive industry. Which statement is most likely to be true? In Columbia,   A.there is one state owned entity that produces all coffee in the country.   B.there are hundreds of thousands of individually owned coffee farms, all producing the same type of coffee.   C.there are a few large coffee farms that dominate the market.   D.there are numerous coffee farms, each producing a unique variety of coffee bean that is distinct from the product of their competitors.

T or F Competitive firms' profit eventually erodes close to zero.  Why?

Identify an industry that enjoys perfect (or nearly perfect) competition. How do the competitors interact with each other and suppliers and customers?

You read in a business magazine that farmers are reaping high profits. With the theory of perfect competition in mind, what do you expect to happen over time (in the long run) to each of the following?  The profits of farmers based on what happens to the price, what do you think will happen to the profits earned by the firms/farmers that previously existed in the market?

Can you create a graph showing perfect competition for grocery stores in a rural area ? And explain the graph?

Can you think of a product that meets at least most of the criteria required for a perfectly competitive market? Which criteria does it fail to meet?

Do you think firms really try to maximize profits? Do firms (especially small ones) know what prices they have to charge to maximize profits?

Which of the following would be the closest to a perfectly competitive market? O Soda Smartphones Wheat O Jeans

2 O connect Micro- Perfect Competition Mc Graw Hill TUI CUIII! There are only a few sellers of corn in the market. 3 Economics Mentor Oops -- this isn't correct. Corn is a product produced globally. There are thousands, if not hundreds of thousands, of individual farmers. Correct Answer: There are many sellers (and, of course, many buyers). Kim Is the corn that you produce different from your competitors? What kind of product do you sell? Undifferentiated (homogeneous) Differences exist (heterogeneous) esc K James Submit D →> C