Question: After reading the perfect competition chapter, share with us what is a perfectly competitive market and how it works. Please use specific examples in your

After reading the perfect competition chapter, share with us what is a perfectly competitive market and how it works.

Please use specific examples in your discussion post to answer the following questions:

  • What type of business tend to operate under perfect competitive market and cannot set the price of its products? Please use economic terminology to describe the characteristics of your selected business.
  • As a consumer, how do you benefit from this type of business? Please share your own experiences with specific examples and explain your answer in terms of economics.
  • Other than the benefit and cost analysis, why this type of business does not spend much money on advertising? Please provide specific examples in the real world and explain your answer in terms of economics.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

This discussion is designed to see if you can apply economics to real life situations.Please use your own personal experiences to answer the following discussion questions. If you do not have...

Q:

After reading the perfect competition chapter, share with us what is a perfectly competitive market and how it works. Please use specific examples in your discussion post to answer the following...

Q:

I would like to ask a tutor to please write one for me. I do not want to use the written one: Please share with us what is a perfectly competitive market and how it works. Please use specific...

Q:

Please tell us what a perfectly competitive market is and how it works. Please use specific examples in your discussion post to answer the following questions: What type of business tend to operate...

Q:

Please tell me what is a perfectly competitive market and how it works. Please use specific examples in the discussion post to answer the following questions: What type of business tend to operate...

Q:

Brief answers. 37) All of the following are examples of product differentiation in monopolistic competition EXCEPT A) new and improved packaging. B) lower price. C) acceptance of more credit cards...

Q:

Having reviewed the opening lecture and this week's reading inHBR's OnStrategy Vol. 2,think about all the changes we've experience in the global marketplace in just the last 3 months.Where are you...

Q:

This discussion is designed to see if you can apply economics to real life situations.Please use your own personal experiences to answer the following discussion questions. If you do not have...

Q:

This discussion is designed to see if you can apply economics to real life situations.Please use your own personal experiences to answer the following discussion questions. If you do not have...

Q:

This discussion is designed to see if you can apply economics to real life situations. Please use your own personal experiences to answer the following discussion questions. If you do not have...

Q:

The Texago Corporation has four oil fields, four refineries, and four distribution centers. A major strike involving the transportation industries now has sharply curtailed Texagos capacity to ship...

Q:

1. Design a database to produce the following reports. Do not use any surrogate keys in your design. a. For each marina, list the marina number, name, address, city, state, and zip code. b. For each...

Q:

Let lim x 3 f ( x ) = 1 8 and lim x 3 g ( x ) = 1 4 . Use the limit rules to find the limit below. lim x 3 [ f ( x ) - g ( x ) ] What expression results from applying the appropriate limit rule? ( Do...

Q:

Two-Stage Dividend Growth the chapter shows that in the two-stage dividend growth model, the growth rate in the first stage, g1, can be greater than or less than the discount rate, R. Can they be...

Q:

A storage tank for liquid n-octane has a diameter of 30 ft and a height of 20 ft. During a typical 24-h period the level of liquid octane falls from 18 ft to 8 ft. after which fresh octane is pumped...

Q:

In the position shown, collar B moves to the left with a constant velocity of 300 mm/s. Determine(a) The velocity of collar A,(b) The velocity of portion C of the cable,(c) The relative velocity of...

Q:

Instruments in airplane A indicate that with respect to the air the plane is headed 30? north of east with an airspeed of 480 km/h. At the same time radar on ship B indicates that the relative...

Q:

A 0.5-lb block B fits inside a small cavity cut in arm OA, which rotates in the vertical plane at a constant rate such that v = 9 ft/s. Knowing that the spring exerts on block B a force of magnitude...

Q:

What is output? #include using namespace std; template MyType f ( MyType var 1 , MyType var 2 ) { if ( var 1 > var 2 ) { return var 1 ; } else { return var 2 ; } } int main ( ) { cout

Q:

1. Discuss the following statements: a) When the cause is identified, the effect has always occurred already. b) Predictions made with hindsight are almost always correct.

Q:

2. Take a familiar problem as your starting point. What are the main elements of the problem? Discuss whether you all agree on the choice of main elements.

Q:

2. In this chapter, the reader should reflect on the following concepts: Context, winwin, win-lose, ambiguity, mental model, point of reference.