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 78 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?

According to the Migraine Research Foundation, migraines are the third most prevalent illness in the world. Women are most affected (18%), followed by children of both sexes (10%), and men (6%).

Did you know?

The term pharmacology is derived from the Greek words pharmakon("claim, medicine, poison, or remedy") and logos ("study").

Did you know?

Anesthesia awareness is a potentially disturbing adverse effect wherein patients who have been paralyzed with muscle relaxants may awaken. They may be aware of their surroundings but unable to communicate or move. Neurologic monitoring equipment that helps to more closely check the patient's anesthesia stages is now available to avoid the occurrence of anesthesia awareness.

Did you know?

Adults are resistant to the bacterium that causes Botulism. These bacteria thrive in honey – therefore, honey should never be given to infants since their immune systems are not yet resistant.

Did you know?

Asthma-like symptoms were first recorded about 3,500 years ago in Egypt. The first manuscript specifically written about asthma was in the year 1190, describing a condition characterized by sudden breathlessness. The treatments listed in this manuscript include chicken soup, herbs, and sexual abstinence.

Tongue Conditions, Cranial Nerve XII (Hypoglossal) Palsy Tongue Conditions, Cranial Nerve XII (Hypoglossal) Palsy
competitive inhibition competitive inhibition
Interventions for Selected Co-Occurring Conditions Interventions for Selected Co-Occurring Conditions
Too Much Alcohol Costs You Good Nutrition Too Much Alcohol Costs You Good Nutrition
Project Management: Achieving Competitive Advantage, 5th Edition Project Management: Achieving Competitive Advantage, 5th Edition
Perennials Adapted to Desert Conditions Perennials Adapted to Desert Conditions
Video: Carbohydrate Metabolism: Introduction to renal processes and filtrate formation and composition

For a complete list of videos, visit our video library