What are the four basic assumptions of perfect competition? Explain in words what they imply for a

Question:

What are the four basic assumptions of perfect competition? Explain in words what they imply for a perfectly competitive firm.

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

Step by Step Answer:

Related Book For book-img-for-question

Principles Of Economics

ISBN: 9781506699868

2nd Edition

Authors: OpenStax

See More Books

Question Posted: Oct 31, 2023 07:24 AM

See More Questions

The theory of perfect competition rests on four basic assumptions. 1. State the four basic assumptions of perfect competition. 2. Explain why perfectly competitive firms are price takers. 3. Draw the...
1. In the short-run, there are three stages of production. Identify or define each of these and then discuss why a Manager would never knowingly produce in either Stage I or Stage III. 2. Suppose you...
What are the four basic assumptions about individual preferences? Explain the significance or meaning of each.
Terri is single and age 32. She reported AGI of $70,000 in tax year 2021. She is an active participant in her employers pension plan. What is the maximum deductible IRA contribution she can make for...
Gauthier, a truck driver, drove a dump truck full of asphalt for the Angelo Todesca Corporation to a highway construction site near a busy intersection. A police officer directing traffic at the...
At the Large Hadron Collider in Switzerland, two highenergy protons collide to create new particles. Prior to collision, each proton is accelerated to an energy of $7000 \mathrm{GeV}$ in the Earth...
What are the two basic technologies used for mobile banking and financial services?
Anders Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit cost of a jacket: Fixed...
Show parse trees and abstract syntax trees a) a + b c *d*e* f b) a-b/c/d+e-f c) a (b* c d * e) * f. d) a * (b + (c + d) * e) - f * g
Suppose demand for a monopolys product falls so that its profit-maximizing price is below average variable cost. How much output should the firm supply? Hint: Draw the graph.
A single firm in a perfectly competitive market is relatively small compared to the rest of the market. What does this mean? How small is small?
Assume that you are convinced that creativity is a legitimate part of a leader's role, what percent of your working time do you think you should invest in creative thinking? Explain your reasoning.
What difference does genre make to UGT? If Ryan wanted to see an action/adventure film or a quirky romantic comedy, how would that affect his choice between Netflix and the local movie multiplex? How...
CAT has been framed in the intercultural communication context. Based on your understanding of the theory, under what additional context(s) can the theory be understood?
How would you explain your family using any of the principles of Structuration Theory?
Do you agree that framing is a part of Agenda Setting Theory or do you think that it is a competing theory that suggests Agenda Setting is no longer useful?
Does it make a difference to you to learn that Noelle-Neumann was once a newspaper journalist for Nazi publications? Why or why not?
Jon Kaufman argues that the cable company in his neighborhood charges monopoly prices and that the municipal government should regulate it. Brad Fish disagrees. He thinks there is no reason to invite...
For liquid water the isothermal compressibility is given by; where r and b are functions of temperature only. If 1 kg of water is compressed isothermally and reversibly from I to 500 bar at 60(C. how...
Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par value 7% preferred stock. It is also authorized to issue 75,000,000 shares of $5 par value common...
Do some research: why is Comcast incorporated in Pennsylvania?
MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It is also authorized to issue 5,000,000 shares of $3 par value common stock. In its first...
The following information relates to Larkspur Ltd.'s inventory transactions during the month of August. Units Cost/Unit Amount August 1 Beginning inventory 15 $1,900 $28,500 6 Purchase 35 $1,520...
Consider the following information: State of Economy Boom Good Poor Bust Probability of Rate of Return if State Occurs State of Economy Stock A Stock B Stock C .10 .30 .40 .20 .50 .15 .11 .09 .35...
12 Brooklyn files as a head of household for 2023. They claimed the standard deduction of $20,800 for regular tax purposes. Their regular taxable income was $80,000. What is Brooklyn's AMTI?...

What are the four basic assumptions of perfect competition? Explain in words what they imply for a

Question:

Step by Step Answer:

Perfect competition is a theoretical model in economics that is based on four key assumptions 1 Many ...View the full answer

Principles Of Economics

Students also viewed these Business questions