Provide an example of an industry that is best described by perfect competition and justify your reasoning

Fantastic news! We've Found the answer you've been seeking!

Question:

Provide an example of an industry that is best described by perfect competition and justify your reasoning in terms of number of sellers, presence of entry barriers, the attributes of the product,etc

Related Book For answer-question

Statistics The Art and Science of Learning from Data

ISBN: 978-0321755940

3rd edition

Authors: Alan Agresti, Christine A. Franklin

See More Books

Posted Date: Jan 04, 2021 04:48 AM

See More Questions

For some time there has been debate about whether regular large doses of vitamin C reduce the chance of getting a common cold. a. Explain how you could design an experiment to test this. Describe all...
For an in-class discussion, debate whether GMs ad was deception or mere puffery. Who is responsible for investigating deceptive advertising? Would an investigation of GM by government regulatory...
For a study on global warming, an electronic instrument has to be designed to map and the CO2 absorption characteristics of the Pacific Ocean. The instrument package resembles a flat plate with a...
A Classifier is initialized with a list of values separated by increasing numbers, serving as the "boundaries" of the keys. I need hep with a Classifier class that will allow us to have "key-value...
On October 1, a Swiss investor decides to hedge a U.S. portfolio worth $10 million against exchange risk, using Swiss franc call options. The spot exchange rate is SFr2.5/$ or $0.40/SFr. The Swiss...
Why do you think a business might want to treat an item of expenditure as capital rather than as revenue?
Using the variance data for Menounos Manufacturing Co., prepare an income statement through gross profit for the year ended December 31, 20Y6. Assume the company sold 3,000 units at $100 per unit.
Eight Flags operates several amusement parks in the Midwest. The company stocks machine oil to service the machinery for the many rides at the parks. Eight Flags needs 30,000 gallons of oil annually;...
ces Direct labor-hours Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour 35,000 Department Molding...
Presented below is a draft set of financial statements for Chips Limited. The following additional information is available: 1 Purchase invoices for goods received on 29 June 2010 amounting to...
Applied Overhead and Unit Overhead Cost: Plantwide Rates Imprimo, Inc., produces two types of ink-jet printers: business and home. Imprimo uses a plantwide rate based on direct labor hours to assign...
You are an insurance agent (with ABC Insurance Brokers Ltd) who has a client (Mrs. Janice Jones) that will be visiting your office today to discuss her buying a new homeowner insurance policy. She...
What is the future value of $37,500 deposited on February 17, 2021, and withdrawn on June 13, 2021, if simple interest paid on the deposit is 6% per annum? Provide your solution
Tesla has been successful with its model M1, but is planning to expand its line of products with a new Model J1. Tesla sells the M1 for $70,000 each, with variable costs totaling $43,089 per car....
Using a while loop structure, a loop based on a counter variable which will cycle through 10 iterations. With each iteration of the loop, request a grade from the user and add it to a running total....
create a conversation in English about a company discussing the company profile and business details: products or services, price, location, type of promotion, competitors, etc.
which intellectual property is created only after government registration and approval? Explain
Find the equation of the plane passing through the points P 5,4,3 ,Q 4,3,1 and R 1,5,4
When the General Social Survey last asked the number of hours the respondent spent a week on housework (variable RHHWORK), the responses were summarized for females and males by a. Identify the...
Refer to the association you investigated in Exercise 12.7 between study time and college GPA. Using software or a calculator with the data file you constructed for that exercise, a. Find and...
For testing independence, most software also reports another chi-squared statistic, called likelihood-ratio chi-squared. It equals G2 = 2 [observed count log (observed count / expected count)] It...
Consider a particle in a Newtonian potential $V(r)=-k / r+\epsilon / r^{n}$ for some integer $n$. Using the alternate variable $u=1 / r$, (a) show that the radial equation of motion can be put...
The celebrated Lorentz attractor is described by the differential equations \[\frac{d x}{d t}=-\sigma x+\sigma y \quad, \quad \frac{d y}{d t}=-x z+\alpha x-y \quad, \quad \frac{d z}{d t}=x y-\beta...
Consider the one dimensional harmonic oscillator with angular frequency $\omega$ perturbed by the small non-linear potential $\epsilon q^{4}$. (a) Find the solution using the perturbation...

Provide an example of an industry that is best described by perfect competition and justify your reasoning

Question:

Expert Answer:

Perfect Competition In a market of perfect competition all economic participants are considered to b... View the full answer

Statistics The Art and Science of Learning from Data

Students also viewed these accounting questions