Give examples of industries that you believe are or are nearly perfectly competitive. If you are...

Give examples of industries that you believe are or are nearly perfectly competitive. If you are a manager in such an industry what are your primary concerns? How would you manage differently than you would under monopolistic competition?

Solutions

Expert Solution

Rahul Sunny answered 1 year ago

Next > < Previous

Related Solutions

What are the important characteristics of perfectly competitive markets? Give me 5 examples of perfectly competitive...

What are the important characteristics of perfectly competitive markets? Give me 5 examples of perfectly competitive markets. Why do you think economist really like to talk about competitive markets? What does the concept of low or no barriers to entry mean? Why is it so important to understand barriers to entry? Give me 5 examples of price takers in perfectly competitive markets.

list of two (2) markets or industries that you think are Perfectly Competitive (PC) AND give...

list of two (2) markets or industries that you think are Perfectly Competitive (PC) AND give a justification for why each one is PC. Be sure to justify using the market characteristics .

1. Monopolistically competitive industries differ from perfectly competitive industries in that: a. there are barriers to...

1. Monopolistically competitive industries differ from perfectly competitive industries in that: a. there are barriers to entry in the former but not the latter b. there are few producers in monopolistically competitive industries and many in perfect competition c. there is product differentiation in monopolistically competitive industries but not in perfect competition d. monopolistic competition has easy entry 2. In the market for peaches, we observe both market equilibrium price and quantity increase. What could have caused this change? a. an...

Evaluate the following claim: “Monopolistically competitive industries are strictly worse than perfectly competitive industries because long...

Evaluate the following claim: “Monopolistically competitive industries are strictly worse than perfectly competitive industries because long run monopolistic competition involves inefficient allocation of resources and product differentiation is wasteful.” Your answer should take into account the efficiency and the consumer welfare implications of both types of industry structures. Diagrams are not required, (but you may choose to use them if you think it will help)

List the characteristics of a perfectly competitive market. Give an example. Why do firms in perfectly...

List the characteristics of a perfectly competitive market. Give an example. Why do firms in perfectly competitive markets have no control over the price of their products?

3. Compare the price and quantity outcomes delivered by monopolistically competitive and perfectly competitive industries. State...

3. Compare the price and quantity outcomes delivered by monopolistically competitive and perfectly competitive industries. State and explain the implications for society about efficiency.

Chapter 12 and 13 looked at perfectly competitive and monopolistic competitive markets. Give an example of...

Chapter 12 and 13 looked at perfectly competitive and monopolistic competitive markets. Give an example of a business or company that fits into each market structure, and explain how they fit into the market structure referring back to the three criteria we examined in the beginning of chapter 12. You can NOT use any companies/businesses from the book. The 3 criteria are: many buyers and many sellers, all firms must sell identical products, no barriers to new firms entering the...

Assume the following cost data for XYZ industries, a firm that participates in a perfectly competitive...

Assume the following cost data for XYZ industries, a firm that participates in a perfectly competitive market. Use this data to answer the following questions. Output Average Fixed Cost Average Variable Cost Average Total Cost Total Cost Marginal Cost 0 - - - 0 0 1 60 45 105 2 30 42.50 72.50 3 20 40 60 4 15 37.50 52.50 5 12 37.00 49 6 10 37.50 47.50 7 8.57 38.57 47.14 8 7.50 40.63 48.13 9 6.67 43.33 50...

Assume the following cost data for XYZ industries, a firm that participates in a perfectly competitive...

Assume the following cost data for XYZ industries, a firm that participates in a perfectly competitive market. Use this data to answer the following questions. Output Average Fixed Cost Average Variable Cost Average Total Cost Total Cost Marginal Cost 0 - - - 1 60 45 105 2 30 42.50 72.50 3 20 40 60 4 15 37.50 52.50 5 12 37.00 49 6 10 37.50 47.50 7 8.57 38.57 47.14 8 7.50 40.63 48.13 9 6.67 43.33 50 10 6.00...

Perfectly competitive industries are: Group of answer choices A. difficult to enter because there are already...

Perfectly competitive industries are: Group of answer choices A. difficult to enter because there are already so many producers in the industry. B. not particularly appealing or attractive to enter because there tend to be so many buyers that it is difficult to deal with them. C. relatively easy to enter but not so easy to exit from. D. none of the above A perfectly competitive firm should increase its level of production as long as Group of answer choices...

Subjects