This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Which of the following assumptions about perfectly competitive markets is primarily responsible for ... (Read 48 times)

llesku

  • Full Member
  • ***
  • Posts: 175
on: Oct 12, 2022

Question 1

Which of the following terms would best describe the price elasticity of demand facing a perfectly competitive firm?
◦ inelastic
◦ perfectly inelastic
◦ elastic
◦ perfectly elastic
◦ unit

Question 2

Which of the following assumptions about perfectly competitive markets is primarily responsible for firms having zero economic profit in long run equilibrium?
◦ strategic behaviour
◦ homogeneous product
◦ consumers are aware of all firms' prices
◦ each firm is small relative to the size of the industry
◦ freedom of entry and exit in the industry
Microeconomics ¦ Ragan ¦ 17th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by llesku on Oct 12, 2022

viper01

  • Full Member
  • ***
  • Posts: 160
Reply #1 on: Oct 12, 2022
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.
Answer Preview
Only 39% of students answer this correctly


llesku

  • Member
  • Posts: 175
Reply 2 on: Oct 12, 2022
Wow, this really help

dreamfighter72

  • Member
  • Posts: 355
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

The human body produces and destroys 15 million blood cells every second.

Did you know?

During the twentieth century, a variant of the metric system was used in Russia and France in which the base unit of mass was the tonne. Instead of kilograms, this system used millitonnes (mt).

Did you know?

Individuals are never “cured” of addictions. Instead, they learn how to manage their disease to lead healthy, balanced lives.

Did you know?

Colchicine is a highly poisonous alkaloid originally extracted from a type of saffron plant that is used mainly to treat gout.

Did you know?

Historic treatments for rheumatoid arthritis have included gold salts, acupuncture, a diet consisting of apples or rhubarb, nutmeg, nettles, bee venom, bracelets made of copper, prayer, rest, tooth extractions, fasting, honey, vitamins, insulin, snow collected on Christmas, magnets, and electric convulsion therapy.

Background Assumptions and Deeply Ingrained Assumptions Background Assumptions and Deeply Ingrained Assumptions
Competitive inhibitor Competitive inhibitor
Waste is responsible for 3.6% of global greenhouse gas emissions Waste is responsible for 3.6% of global greenhouse gas emissions
Farmers’ markets provide fresh, local produce to consumers Farmers’ markets provide fresh, local produce to consumers
Competitive firms and maximization Competitive firms and maximization
Frederick Griffith’s experiment identifying a ″transformation factor″ responsible for heredity Frederick Griffith’s experiment identifying a ″transformation factor″ responsible for heredity
Video: Knee Animation

For a complete list of videos, visit our video library