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Which of the following features occur in a purely competitive market? 1. Major restrictions on where products can be sold 2. One seller dominating the market 3. Many independently acting sellers 4. Sales in both national and international markets.
What are two ways that a purely competitive firm can determine the level of output at which it will realize maximum profit or minimum losses?
Hace 17 horas · Which factors illustrate that the demand curve for a purely competitive firm is perfectly elastic? - The firm cannot obtain a higher price by restricting its output. - The firm does not need to lower its price to increase its sales volume.
Hace 17 horas · Monopolistically competitive and purely competitive industries are similar in that: both produce differentiated products. the demand curves facing individual firms are perfectly elastic in both industries.
Hace 17 horas · A purely competitive firm is a "price maker," while a monopolist is a "price taker.", 2. Pure monopolists may obtain economic profits in the long run because: A. of advertising. B. marginal revenue is constant as sales increase.
Which of the following explains why a purely competitive firm is a price taker? A purely competitive firm offers only a negligible fraction of total market supply and therefore must accept the price determined by the market
Hace 17 horas · Name of person Image Date of death Details Constans II: 15 July 668: The Byzantine Emperor was assassinated with a bucket according to Theophilus of Edessa.: Li Bai: 30 November 762 The famous Chinese poet of the 8th century died drunk after embracing the Moon. While riding his boat along the Yangtze River, he saw the reflection of the Moon in the water.When he tried to hug it, he fell off his ...
