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 31 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?

The human body produces and destroys 15 million blood cells every second.

Did you know?

More than 30% of American adults, and about 12% of children utilize health care approaches that were developed outside of conventional medicine.

Did you know?

Despite claims by manufacturers, the supplement known as Ginkgo biloba was shown in a study of more than 3,000 participants to be ineffective in reducing development of dementia and Alzheimer’s disease in older people.

Did you know?

The eye muscles are the most active muscles in the whole body. The external muscles that move the eyes are the strongest muscles in the human body for the job they have to do. They are 100 times more powerful than they need to be.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

The black-capped chickadee is a permanent resident in biomes with harsh winter conditions. The black-capped chickadee is a permanent resident in biomes with harsh winter conditions.
Interventions for Selected Co-Occurring Conditions Interventions for Selected Co-Occurring Conditions
Competitive drug enzyme immunoassay. Competitive drug enzyme immunoassay.
Common Oral Lesions/Conditions Associated with HIV Infections and Treatment Guidelines Common Oral Lesions/Conditions Associated with HIV Infections and Treatment Guidelines
Tuition Costs Tuition Costs
An educational institution has total direct labor and material costs of $1964 per student. Its ... An educational institution has total direct labor and material costs of $1964 per student. Its ...
Video: Causes of Angina

For a complete list of videos, visit our video library