Question: Perfect competition is characterized by _ _ _ _ _ _ _ competitors that sell _ _ _ _ _ _ _ _ _ products.

Perfect competition is characterized by _______ competitors that sell_________ products.
Group of answer choices
Identical; few
Few; identical
Many; identical
Identical; many

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:

been stuck on this for a while, any help is appreciated!!! :) 1 Which of the following is most likely produced in a monopolistically competitive market? a ethernet cords c fast food 13- autos d- oil...

Q:

Need some help with these econ hw problems please! thank you!! 1 Which of the following is most likely produced in a monopolistically competitive market? a ethernet cords c fast food 13- autos d- oil...

Q:

Perfect competition is rare because: sellers rarely sell products that are identical to their competitors'. there are antitrust laws put in place to prevent perfect competition from occurring. the...

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:

Question 1 (2 points) Lilly is the price-taking owner of an apple orchard. The price of apples is high enough that Lilly is earning positive economic profits. In the long run, Lilly should expect...

Q:

Question 11 Use the following to answer questions 11. Exhibit: Demand and Price Elasticity PriceQuantity demanded per period $2.500 2.2525 2.0050 1.7575 1.50100 1.25125 1.00150 0.75175 0.50200...

Q:

Help me to reply to four people. Person 1: If US manufacturers produce less output, there will be less need for independent trucking companies to transport goods. In the short run, the trucking...

Q:

Economists assume that Group of answer choices individuals behave in unpredictable ways. consumer behavior is explained by the existence of unlimited resources. people put other people's interests...

Q:

Please answer the following questions. My fast food chains I have chosen for question #1 are Chic fit A and in n out. Thank you in advance. The fast food industry is extremely competitive and in some...

Q:

25.The question below (25) is based on the following demand schedule for a monopolist: _________________________________________________ P ($) Q (units) TR ($) MR ($) (1) (2) (3) = (1)(2) (4)...

Q:

Explain the importance of Engineering Management in the New Millennium.

Q:

Explain the differences among a bonds coupon interest rate, the current yield, and a bondholders required rate of return?

Q:

18. The variables x and y are connected by the equation x+1 y=x+4x The table below shows some values of x and the corresponding values of y, correct to 1 decimal place. x -8 y -0.2 -6 -5.5 -5 -4.5...

Q:

The marginal prot in dollars on Brie cheese sold at a cheese store is given by P ' (X) = x(20x2 + 60x) , where x is the amount of cheese sold, in hundreds of pounds. The prot is -$40 when no cheese...