Author Question: List the characteristics of a perfectly competitive market. What will be an ideal ... (Read 88 times)

TFauchery · **on:** Jun 29, 2018

List the characteristics of a perfectly competitive market.

What will be an ideal response?

Question 2

Refer to Table 4-6. The table above lists the marginal cost of polo shirts by Marko's, a firm that specializes in producing men's clothing. If the market price of Marko's polo shirts is 13, Marko's will produce

A) 1 shirt. B) 2 shirts. C) 3 shirts. D) 4 shirts.

akpaschal · **Reply #1 on:** Jun 29, 2018

Answer to Question 1

(1.) Many firms, each small relative to the size of the market.
(2.) Homogeneous products.
(3.) Many households, each small relative to the market.
(4.) Households and firms possess all the information they need to make market choices.

Answer to Question 2

B