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

Author Question: Which of the following conditions define a perfectly competitive market? a. The transaction costs ... (Read 53 times)

moongchi

  • Hero Member
  • *****
  • Posts: 516
on: Jun 30, 2018
Which of the following conditions define a perfectly competitive market?
 a. The transaction costs are very high.
  b. Information is available to participants at a high cost.
  c. The product is homogenous.
  d. There are limited number of buyers and sellers.

Question 2

When firms leave a perfectly competitive market, then, other things remaining unchanged:
 a. the market supply will decrease but the market price will rise.
  b. both the market supply and the market price will fall.
  c. both the market demand and the price will increase.
  d. the market demand will decrease but the market price will rise.
  e. both the market demand and the market supply will decrease.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

mmpiza

  • Sr. Member
  • ****
  • Posts: 354
Reply #1 on: Jun 30, 2018
Answer to Question 1

C

Answer to Question 2

a


moongchi

  • Hero Member
  • *****
  • Posts: 516
Reply #2 on: Jun 30, 2018
Correct answers!


mmpiza

  • Sr. Member
  • ****
  • Posts: 354
Reply #3 on: Jun 30, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

Not getting enough sleep can greatly weaken the immune system. Lack of sleep makes you more likely to catch a cold, or more difficult to fight off an infection.

Did you know?

Limit intake of red meat and dairy products made with whole milk. Choose skim milk, low-fat or fat-free dairy products. Limit fried food. Use healthy oils when cooking.

Did you know?

Approximately 500,000 babies are born each year in the United States to teenage mothers.

Did you know?

Medications that are definitely not safe to take when breastfeeding include radioactive drugs, antimetabolites, some cancer (chemotherapy) agents, bromocriptine, ergotamine, methotrexate, and cyclosporine.

Did you know?

Medication errors are three times higher among children and infants than with adults.

Energy costs of locomotion. Energy costs of locomotion.
Differences in oxygen-hemoglobin dissociation curves under different physiological conditions and am Differences in oxygen-hemoglobin dissociation curves under different physiological conditions and am
Variation in climatic conditions result in geographic variation in the distribution of biome types a Variation in climatic conditions result in geographic variation in the distribution of biome types a
Tongue Conditions, Cranial Nerve XII (Hypoglossal) Palsy Tongue Conditions, Cranial Nerve XII (Hypoglossal) Palsy
How to choose the right payment plan with changing conditions (Question 3) How to choose the right payment plan with changing conditions (Question 3)
Perennials Adapted to Desert Conditions Perennials Adapted to Desert Conditions
Video: Energy Flow - Trophic Levels and Food

For a complete list of videos, visit our video library