What are the main characteristics ot a competitive market! Explain the difference between a firm's revenue and its profit. Which do firms maximize?
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- Firms ill a perfectly competitive market are said to be price takers that is, once the market determines an equilibrium price for the product, firms must accept this price. If you sell a product in a perfectly competitive market, but you are not happy with its price, would you raise the price, even by a cent?If new technology in a perfectly competitive market brings about a substantial reduction in costs of production, how will this affect the market?Using graph, explain when the firm in a competitive market is in equilibrium?
- In a perfectly competitive market, when are economic profits possible? O Long-run O Economic profits are always zero, firms earn normal profit O Any time, it depends on the indivual firm O Short runWheat is produced in a perfectly competitive market. Market demand for wheat increases. This will cause the individual wheat farmer's marqinal revenue to maximizing level of output to and their profit- O a. decrease; increase O b. decrease; decrease O c. increase; increase d. increase: decreaseAt a market price of $83 a batch, what quantity does Lin’s produce and what is the firm’s economic profit in the short run? Do firms enter or exit the market and what is Lin’s economic profit in the long run?
- When will a firm enter a competitive market?Whe Should a firm close or shut down in a perfect competitive market or firm?Suppose pretzel stands in New York City are aperfectly competitive market in long-run equilibrium.One day, the city starts imposing a $100 per monthtax on each stand. How does this policy affect thenumber of pretzels consumed in the short run andthe long run?a. down in the short run, no change in the long runb. up in the short run, no change in the long runc. no change in the short run, down in the long rund. no change in the short run, up in the long run
- What is meant by a competitive firm? Explain the difference between a firm’s revenue and its profit. Which do firms maximize?What are the three conditions for a market to be perfectly competitive? For a market to be perfectly competitive, there must be A. many buyers and sellers, with all firms selling identical products, and no barriers to new firms entering the market. B. many buyers and nothingsellers, with all firms selling identical products, and substantial barriers to new firms entering the market. C. many buyers and sellers, with firms selling similar but not identical products, with low barriers to new firms entering the market. D. many buyers and one seller, with the firm producing a product that has no close substitutes, and barriers to new firms entering the market.What are the Characteristics of a Purely Competitive Market?
