EBK MANAGERIAL ECONOMICS
4th Edition
ISBN: 9780100546622
Author: FROEB
Publisher: YUZU
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Chapter 9, Problem 5MC
To determine
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Which industry approximates the perfect competition among the following?
A. Pharmaceuticals
B. Boutiques
C. Precious metals
D. airlines
31. Which of the following is the best example of a perfectly competitive market?
a.
soft drinks
b.
farm products
c.
diamonds
d.
athletic shoes
Which are the most likely to be produced in a perfectly competitive industry?
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EBK MANAGERIAL ECONOMICS
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- In the short run, what quantity does Lite and Kool produce, what price does it charge, and does it make an economic profit?arrow_forwardWrite down some examples of industries that are (close to) perfectly competitive. What attributes do they have to be considered perfectly competitive?arrow_forwardWhat kind of business is a water refilling station? What problems are solved with the help of a water refilling station and how? How does a water refilling station fit in the competitive market?arrow_forward
- Are Shoppe and Lazada considered as a perfect competition? Why do you think that is?arrow_forwardWhy is perfect competition assumed to be the best market situation in most cases? Draw a graph showing the long run result of perfect competition and explain why it benefits society.arrow_forwardWhat are the requirements for a perfect competition market?arrow_forward
- The closest example of a perfectly competitive industry is a. beer. b. Cabbage c. gas stations. d. fast foods.arrow_forwardWhat is the main characteristic of a perfectly competitive market? A. Many sellers with differentiated products B. Few sellers with differentiated products C. Many sellers with identical products D. Few sellers with identical productsarrow_forwardWhat is Perfect competition?arrow_forward
- Hannah has a small business making clothing alterations. Which of the following products would dramatically affect her profit margins if the price were to decrease for that product? A. dresses B. thread C. sewing machinesarrow_forwardFor each of the following, is the business a price-taking producer? Explain your answers. a. A cappuccino café in a university town where there are dozens of very similar cappuccino cafés. b. The makers of Pepsi-Cola. c. One of many sellers of Durian fruits at a General Santos City’s public market.arrow_forwardSterling runs a donut shop which which is being operated in a perfectly competitive market where they earn positive economic profits. If the price of a donut is $3, Sterling makes 800 donuts a month, and their monthly average total cost is $2. What are Sterling's profits each month?arrow_forward
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