Which of the following is a good example of a firm that is not likely to...

Which of the following is a good example of a firm that is not likely to be perfectly competitive?

19.

1)	Farmer Joe's wheat.

2)	Coyote Wile’s beef ranch.

3)	Captain John's salmon farm.

4)	Aviator Alan's nonstop airline service from Seattle to Nome.

The demand curve faced by a competitive firm is

20.

1)	perfectly elastic at the established market price.

2)	downward sloping, with the same elasticity as the industry demand curve.

3)	more inelastic than the demand curve faced by its competitors.

4)	nonexistent.

Solutions

Expert Solution

Q19
Answer
Option 4
Aviator Alan's nonstop airline service from Seattle to Nome
The airline requires a significant cost, and it is a barrier to entry in the market, so the airline industry is not perfectly competitive.
A farm and beef are perfectly competitive industries as anyone can enter the industry and there are many producers of the same.
========
Q20
Answer
Option 1
perfectly elastic at the established market price
A perfectly competitive market has many firms with identical product and consumer has perfect knowledge, so the firms have a perfectly elastic demand curve.

Rahul Sunny answered 1 year ago

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