Why do single firms in perfectly competitive markets face horizontal demand​ curves?   A. With many firms selling an identical​ product, single firms have no effect on market price.   B. With many​ buyers, single firms can sell as much as they want regardless of price.   C. With many firms in the market selling a differentiated ​product, single firms have the ability to charge a constant price.   D. With each firm facing a unique demand for its​ product, single firms can sell as much as they want regardless of price.   E. Both a and b.

Which of the following explains why many small businesses struggle to compete with larger firms? O Small businesses are unable to offer the same variety of products that larger firms are able to produce. O Small businesses are unable to sell their goods at the higher prices set by larger firms. O Small businesses are unable to provide the kinds of products that consumers want. O Small businesses are unable to specialize to the degree that larger firms are able to.

Competition and the Invisible Hand: End of Chapter Problem Let’s take a look at Invisible Hand Property 2 in action using a mathematical example. Suppose an industry is characterized by the following equations. We’re going to assume that all individual firms are identical to make this problem a little simpler. Demand: ??=100−2?QD=100−2⁢P Individual firm's supply: ??=0.5+0.1?qS=0.5+0.1⁢P Market supply with n firms: ??=?×??=0.5?+0.1??QS=n×qS=0.5⁢n+0.1⁢n⁢P Individual firm's average cost: ??=5??−5+24.2??A⁢C=5⁢qS−5+24.2qS a. Suppose 24 firms are in this industry. What is the equation for market supply? QS =

Directions: Identify the Competitive Situation in each of the following scenarios. Consider the following hypothetical situations, identify the competitive situation represented, and then briefly explain what factors led you to this conclusion.1. Sam's Gas and Snacks is the only station located at the crossroads of a major highway and Interstate 17 going north and south. The closest town is located on the major highway five miles east. Their main target is travelers.Competitive Situation:Explanation: 2. Tender Care is a licensed day care center located in a city of 300,000 people. Tender Care has three centers operating in this city. There are about 15 similar day care centers operating in this city also. Some businesses have their own on-site day care centers for their employees. In addition, there are many individuals who conduct day care activities out of their own homes. Due to the number of day care operations, they all charge approximately the same price.Competitive…