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 25 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
Excellent

amit

  • Member
  • Posts: 364
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

On average, the stomach produces 2 L of hydrochloric acid per day.

Did you know?

When taking monoamine oxidase inhibitors, people should avoid a variety of foods, which include alcoholic beverages, bean curd, broad (fava) bean pods, cheese, fish, ginseng, protein extracts, meat, sauerkraut, shrimp paste, soups, and yeast.

Did you know?

Cucumber slices relieve headaches by tightening blood vessels, reducing blood flow to the area, and relieving pressure.

Did you know?

About 3% of all pregnant women will give birth to twins, which is an increase in rate of nearly 60% since the early 1980s.

Did you know?

There are approximately 3 million unintended pregnancies in the United States each year.

Cushing’s syndrome. A photograph of a woman with the characteristic facial features of Cushing’s syn Cushing’s syndrome. A photograph of a woman with the characteristic facial features of Cushing’s syn
Leukemia. A blood smear from a patient suffering from leukemia demonstrates the abundance of enlarge Leukemia. A blood smear from a patient suffering from leukemia demonstrates the abundance of enlarge
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 ...
How to create a price index to calculate inflation for a basket of goods How to create a price index to calculate inflation for a basket of goods
The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ... The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ...
A car wash reduced the price of a basic wash as a promotion and test of the market. With the ... A car wash reduced the price of a basic wash as a promotion and test of the market. With the ...
Video: Acid-base imbalances - metabolic acidosis and alkalosis

For a complete list of videos, visit our video library