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

Author Question: Which of the following is a characteristic of a competitive price-taker market? a. Profit ... (Read 13 times)

Zulu123

  • Hero Member
  • *****
  • Posts: 525
on: Jun 30, 2018
Which of the following is a characteristic of a competitive price-taker market?
 a. Profit maximizing firms in the market will expand output until price equals average variable cost.
  b. The market demand curve for the product is a horizontal line.
  c. There are many firms in the market, each producing a small share of total market output.
  d. The product produced by each of the firms is differentiated.

Question 2

The price elasticity of demand for a particular good is influenced by which of the following factors?
 a. b and c.
  b. The income of the buyers.
  c. The availability of substitutes.
  d. The level of competition among sellers.
  e. How many uses the good has.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

johnharpe

  • Sr. Member
  • ****
  • Posts: 338
Reply #1 on: Jun 30, 2018
Answer to Question 1

c

Answer to Question 2

a


Zulu123

  • Member
  • Posts: 525
Reply 2 on: Jun 30, 2018
:D TYSM

miss.ashley

  • Member
  • Posts: 371
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

In the United States, there is a birth every 8 seconds, according to the U.S. Census Bureau's Population Clock.

Did you know?

The calories found in one piece of cherry cheesecake could light a 60-watt light bulb for 1.5 hours.

Did you know?

About 3.2 billion people, nearly half the world population, are at risk for malaria. In 2015, there are about 214 million malaria cases and an estimated 438,000 malaria deaths.

Did you know?

More than 20 million Americans cite use of marijuana within the past 30 days, according to the National Survey on Drug Use and Health (NSDUH). More than 8 million admit to using it almost every day.

Did you know?

Patients should never assume they are being given the appropriate drugs. They should make sure they know which drugs are being prescribed, and always double-check that the drugs received match the prescription.

Many types of edible fungi are grown for the market. Many types of edible fungi are grown for the market.
Psoriasis. This photograph demonstrates the characteristic white skin patches of this condition. Psoriasis. This photograph demonstrates the characteristic white skin patches of this condition.
Wheat and Cotton Prices and Consumer Price Indexes, 1865–1896 Wheat and Cotton Prices and Consumer Price Indexes, 1865–1896
A slave market in Marrakesh, Morocco. This lithograph is from the 1800s. A slave market in Marrakesh, Morocco. This lithograph is from the 1800s.
Competitive inhibitor Competitive inhibitor
The net price of an article is $79.84. What is the list price if a discount of 23% was allowed? The net price of an article is $79.84. What is the list price if a discount of 23% was allowed?
Video: Hydrogen bonds - role in the body

For a complete list of videos, visit our video library