This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Which of the following is NOT a characteristic of perfectly competitive markets? A) The ... (Read 61 times)

tnt_battle

  • Hero Member
  • *****
  • Posts: 556
on: Jul 1, 2018
Which of the following is NOT a characteristic of perfectly competitive markets?
 
  A) The government restricts the number of producers through licensing requirements.
  B) All market participants are price-takers.
  C) It is easy to find a trading partner.
  D) All products are identical.

Question 2

If a firm has market power in the output market but buys labor in a competitive market, it will hire the same quantity of labor that a competitive firm will.
 
  Indicate whether the statement is true or false


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

IRincones

  • Sr. Member
  • ****
  • Posts: 321
Reply #1 on: Jul 1, 2018
Answer to Question 1

A

Answer to Question 2

False. Since the firm has market power, it must lower price if it wishes to sell more. It will wish to sell fewer units than a competitive firm, and, therefore, hire less labor than a competitive firm does.


tnt_battle

  • Member
  • Posts: 556
Reply 2 on: Jul 1, 2018
YES! Correct, THANKS for helping me on my review

irishcancer18

  • Member
  • Posts: 310
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

Most women experience menopause in their 50s. However, in 1994, an Italian woman gave birth to a baby boy when she was 61 years old.

Did you know?

About 3.2 billion people, nearly half the world population, are at risk for malaria. In 2015, there are about 214 million malaria cases and an estimated 438,000 malaria deaths.

Did you know?

Egg cells are about the size of a grain of sand. They are formed inside of a female's ovaries before she is even born.

Did you know?

The heart is located in the center of the chest, with part of it tipped slightly so that it taps against the left side of the chest.

Did you know?

Many supplement containers do not even contain what their labels say. There are many documented reports of products containing much less, or more, that what is listed on their labels. They may also contain undisclosed prescription drugs and even contaminants.

Flower part number is a characteristic difference between monocots and eudicots (a) Flowers and buds Flower part number is a characteristic difference between monocots and eudicots (a) Flowers and buds
Hartmann's mountain zebra resting, showing its characteristic essentially unbarred belly Hartmann's mountain zebra resting, showing its characteristic essentially unbarred belly
Leukemia. A blood smear from a patient suffering from leukemia demonstrates the abundance of enlarge Leukemia. A blood smear from a patient suffering from leukemia demonstrates the abundance of enlarge
Lineweaver–Burk plots of the reactions with and without a competitive inhibitor Lineweaver–Burk plots of the reactions with and without a competitive inhibitor
The hand on the right exhibits the orange-tinged skin characteristic of carotenodermia The hand on the right exhibits the orange-tinged skin characteristic of carotenodermia
Project Management: Achieving Competitive Advantage Project Management: Achieving Competitive Advantage
Video: Muscular System Animation

For a complete list of videos, visit our video library