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

Author Question: What are the characteristics of the perfectly competitive market?[br][br][b][color=#165FFA]Question ... (Read 21 times)

Caiter2013

  • Hero Member
  • *****
  • Posts: 607
on: Jun 30, 2018
What are the characteristics of the perfectly competitive market?

Question 2

A utility-maximizing consumer would never purchase a good if the:
 a. MU/P is positive.
  b. marginal utility is positive.
  c. marginal utility is negative.
  d. none of these is correct.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Jayson

  • Sr. Member
  • ****
  • Posts: 350
Reply #1 on: Jun 30, 2018
Answer to Question 1

The perfectly competitive market is characterized by a very large number of sellers, firms sell a standardized product, firms are price-takers, there are no barriers to entry and firms do not undertake any non-price competition.

Answer to Question 2

c


Caiter2013

  • Member
  • Posts: 607
Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

xoxo123

  • Member
  • Posts: 335
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

During the twentieth century, a variant of the metric system was used in Russia and France in which the base unit of mass was the tonne. Instead of kilograms, this system used millitonnes (mt).

Did you know?

The most destructive flu epidemic of all times in recorded history occurred in 1918, with approximately 20 million deaths worldwide.

Did you know?

Sperm cells are so tiny that 400 to 500 million (400,000,000–500,000,000) of them fit onto 1 tsp.

Did you know?

ACTH levels are normally highest in the early morning (between 6 and 8 A.M.) and lowest in the evening (between 6 and 11 P.M.). Therefore, a doctor who suspects abnormal levels looks for low ACTH in the morning and high ACTH in the evening.

Did you know?

Between 1999 and 2012, American adults with high total cholesterol decreased from 18.3% to 12.9%

Firing Rate of Individual SCN Neurons in a Tissue Culture Color bars have been added to emphasize th Firing Rate of Individual SCN Neurons in a Tissue Culture Color bars have been added to emphasize th
Strategic Management and Competitive Advantage: Concepts and Cases, 6th Edition Strategic Management and Competitive Advantage: Concepts and Cases, 6th Edition
Please solve this quadractic question Please solve this quadractic question
Four color theorem Four color theorem
Economics question Economics question
Math question Math question
Video: Methods of carbon dioxide transport - carbaminohemoglobin and bicarbonate ions

For a complete list of videos, visit our video library