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Author Question: What are the requirements for perfect competition? What will be an ideal ... (Read 69 times)

rosent76

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on: Jun 29, 2018
What are the requirements for perfect competition?
 
  What will be an ideal response?

Question 2

Consider the country of Outland. In Outland, people pay 10 percent of their income as a tax whether they earn 10,000 or 100,000 annually. Outland has ________ tax structure.
 
  A) a progressive
  B) a regressive
  C) a proportional
  D) an excessive


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anyusername12131

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The requirements are: many firms selling an identical product; many buyers; no restrictions on entry into the market; established firms have no advantages over new entrants; and sellers and buyers have good information about prices of each firm's product.

Answer to Question 2

C


rosent76

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Reply #2 on: Jun 29, 2018
Correct answers!


anyusername12131

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Reply #3 on: Jun 29, 2018
Great! Please up vote :D


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