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Author Question: What are the characteristics of the perfectly competitive market?[br][br][b][color=#165FFA]Question ... (Read 56 times)

Caiter2013

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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.


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Jayson

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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

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Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

gcook

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Reply 3 on: Yesterday
Excellent

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