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 26 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
Wow, this really help

Viet Thy

  • Member
  • Posts: 329
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

Disorders that may affect pharmacodynamics include genetic mutations, malnutrition, thyrotoxicosis, myasthenia gravis, Parkinson's disease, and certain forms of insulin-resistant diabetes mellitus.

Did you know?

Only one in 10 cancer deaths is caused by the primary tumor. The vast majority of cancer mortality is caused by cells breaking away from the main tumor and metastasizing to other parts of the body, such as the brain, bones, or liver.

Did you know?

About 100 new prescription or over-the-counter drugs come into the U.S. market every year.

Did you know?

The average human gut is home to perhaps 500 to 1,000 different species of bacteria.

Did you know?

After a vasectomy, it takes about 12 ejaculations to clear out sperm that were already beyond the blocked area.

U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994 U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994
Markets and Institutions Market Story Problem Markets and Institutions Market Story Problem
Iraqi market Iraqi market
The price of rice in a small country is currently $6 per pound. In order to help low-income ... The price of rice in a small country is currently $6 per pound. In order to help low-income ...
"The Department of Agriculture came out today with its prediction for food price "The Department of Agriculture came out today with its prediction for food price
Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price. Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.
Video: Regulation of GFR: autoregulation via myogenic mechanism Myogenic mechanism

For a complete list of videos, visit our video library