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Author Question: Assume that the wool industry is a perfectly competitive industry. Why is it difficult for a wool ... (Read 145 times)

mckennatimberlake

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on: May 25, 2020

Question 1

A firm with a horizontal average revenue curve does NOT have control over
◦ which price to charge.
◦ how much of each input to buy.
◦ how much to produce.
◦ how to produce.

Question 2

Assume that the wool industry is a perfectly competitive industry. Why is it difficult for a wool producer to make excess profits?
◦ The assumption that wool producers in the industry do not 'differentiate' their products
◦ The fact that the demand curve facing each wool producer is perfectly elastic
◦ The fact that wool producers are 'price takers'
◦ The assumption of free entry into the wool industry
Essential Economics for Business ¦ Sloman, Jones ¦ 5th Edition
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Marked as best answer by mckennatimberlake on May 25, 2020

ASDFGJLO

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Reply #1 on: May 25, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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mckennatimberlake

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Reply 2 on: May 25, 2020
Great answer, keep it coming :)

diana chang

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Reply 3 on: Yesterday
Excellent

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