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 72 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
Thanks for the timely response, appreciate it

nyrave

  • Member
  • Posts: 344
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

When blood is exposed to air, it clots. Heparin allows the blood to come in direct contact with air without clotting.

Did you know?

As many as 28% of hospitalized patients requiring mechanical ventilators to help them breathe (for more than 48 hours) will develop ventilator-associated pneumonia. Current therapy involves intravenous antibiotics, but new antibiotics that can be inhaled (and more directly treat the infection) are being developed.

Did you know?

Critical care patients are twice as likely to receive the wrong medication. Of these errors, 20% are life-threatening, and 42% require additional life-sustaining treatments.

Did you know?

The U.S. Pharmacopeia Medication Errors Reporting Program states that approximately 50% of all medication errors involve insulin.

Did you know?

The familiar sounds of your heart are made by the heart's valves as they open and close.

Many types of edible fungi are grown for the market. Many types of edible fungi are grown for the market.
Flower part number is a characteristic difference between monocots and eudicots (a) Flowers and buds Flower part number is a characteristic difference between monocots and eudicots (a) Flowers and buds
Hartmann's mountain zebra resting, showing its characteristic essentially unbarred belly Hartmann's mountain zebra resting, showing its characteristic essentially unbarred belly
Walter Thompson saw his assets evaporate during the stock market collapse in 1929. Desperate for ... Walter Thompson saw his assets evaporate during the stock market collapse in 1929. Desperate for ...
Chromatin fibers characteristic of the interphase nucleus Chromatin fibers characteristic of the interphase nucleus
Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ... Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ...
Video: Energy sources - types

For a complete list of videos, visit our video library