What happens to employment opportunities and wages paid in all non-competitive product markets? Why?

Q: Sketch a supply curve that represents the supply of salt in the short run. Explain your diagram? Add…

A: According to law of supply, the quantity supplied and the price is positively related keeping other…

Q: The Weinandt Family Farm in Wynot, NE raises livestock and grows crops. Commonly grown crops in…

A: Since you have posted a question with multiple subparts, we will solve only three subparts for you.…

Q: Which are the most likely to be produced in a perfectly competitive industry?

A: A completely competitive market is one in which all businesses sell the same product and where…

Q: The Weinandt Family Farm in Wynot, NE raises livestock and grows crops. Commonly grown crops in…

A: Since you have posted a question with multiple subparts, we will solve the first three subparts for…

Q: Suppose you run an independent trucking business. You own a tractor trailer for hire. You work with…

A: There are many similar trucker drivers in the market, so the industry of trucking business is…

Q: The number of firms in an industry is not always a good indicator of the extent to which that…

A: The number of sellers in an industry determines the market share of the firm. A large number of…

Q: Economics Firms in competitive markets can only earn economic profits in the long run, once the…

A: Competitive balance is accomplished while profit-maximizing makers and utility-maximizing consumers…

Q: Selena can sell 10 jars for $70 each, 20 jars for $60 each, 30 jars for $50 each, 40 jars for $40…

A: Perfect competition is an ideal market concept in economics, such a kind of market no one is worse…

Q: Why are perfectly competitive markets considered economically efficient?

A: There are several forms of the market that exists in the real world out of which perfect competition…

Q: The table below shows the total product for Car Suds, a car wash service. The market for car washes…

A: "As per the question the market for car washes is perfectly competitive and in order to maximize…

Q: business deals with creation or production of goods like tables, chairs, and cabinets.

A: A Business is an organization or enterprise usually engaged in economic, commercial, industrial, or…

Q: Explain what is economic profit?

A: Hi! Thank you for the question but as per the guidelines, we answer only one question at one time.…

Q: What is the quantity produced for each firm? Round your answer to the nearest 1 decimal places.

A: Answer: Given: Inverse demand function: P = 120 – Q Assumption: All firms produce identical goods…

Q: Describe the course of events in a competitive market following the adoption of a new technology.…

A: Adoption of new technology leads to increase in productivity which is shown by increase in the…

Q: William Shepherd’s research of U.S. industries showed a clear trend in the competitiveness of the…

A: The competition is the increased presence of the competing firms in the market where the buyers can…

Q: If new technology in a perfectly competitive market brings about a substantial reduction in costs of…

A: The term "perfect competition" refers to a fictional market structure in which all suppliers are…

Q: Who said “The customer experience is the next competitive battleground” ?

A: Customer experience refers to the perception of a business by the customers. It is formed when a…

Q: pure competition is not an adequate representation of the economic model tat underlies farming in…

A: Pure competition is a situation where there are a large number of buyers and sellers and products…

Q: What incentive compensation needed by employees to remain competitive within the industry?

A: The reward in the form of cash paid to employees for the service that they provide is defined as…

Q: There is a trade-off between equity and efficiency in a perfectly competitive market system. Analyse…

A: Consider the following diagram :

Q: Identify the goods or services does the Dairy products industry produces

A: The following problem has been answered as follows:

Q: on. What are the profit-maximizing level of output and price respectively?

A: Profit maximizing level of output in monopoly achieved where monopoly's  Marginal Revenue (MR) =…

Q: Why must the marginal revenue be equal to the marginal cost for a producer? Explain.

A: Marginal revenue (MR) is the increase in revenue that results from the sale of one additional unit…

Q: Name the market structure in which Agriculture farming operate.

A: Answer: The agriculture market operates in a perfectly competitive market or perfect competition.

Q: Selena can sell 10 jars for $70 each, 20 jars for $60 each, 30 jars for $50 each, 40 jars for $40…

A: Equilibrium condition for a perfectly competitive producer is given by Price (P) = Marginal cost…

Q: Which of the following is a FALSE statement regarding a Perfect Competition market?        There…

A: Characteristics of a Perfectly Competitive market: 1) Large number of buyers and sellers: There are…

Q: Which of the following industries most closely approximates the perfectly competitive model? (a)…

A: A producer is a person who manufactures the final product by combining different types of inputs for…

Q: How do firms in a competitive market work?

A: Perfect competition is a market where there are lage number of seller and buyers of identical and…

Q: Agriculture in india is mostly characterized by perfectly competitive market why

A: Agricultural economics is a branch of economics that focuses on using economic theory to improve…

Q: Which of the following is a characteristic of a perfectly competitive market? O Many firms have…

A: A market structure in which all producers and consumers have full and similar kind of knowledge of…

Q: Do you think firms really try to maximize profits? Do firms (especially small ones) know what prices…

A: Economist generally assume that firms act as profit maximisers. Economists don’t think there’s…

Q: Discuss in detail the short and long run laws of production.

A: Short run law of production says that when more and more units of variable inputs are added to fixed…

Q: In the long run, in a competitive economy, companies use resources until the extra or marginal…

A: (Q) In the long run, in a competitive economy, companies use resources until the extra or marginal…

Q: How applicable is this assumption of market clearing to the market for fast food meals in the short…

A: Economists use various assumptions at the time of developing a model or theory. Such assumptions…

Q: How do price controls affect the workings of a perfectly competitive market? Use a supply demand…

A: The maximum or minimum price set by the government for a particular goods and services is known as…

Q: Analyze the likely effects of a perfectly competitive market on price, quality, and innovation of…

A: A perfectly competitive market is the one with high degree of competition as many sellers offer…

Q: Suppose a profit maximizing firm in a perfectly competitive market currently pays  their employees…

A: Since it is a perfectly competitive market there is no supernormal profit in the market.   Since the…

Q: Using the tools of economic analysis that you learned, analyze the behavior of the enterprise…

A: Introduction Perfect competition is a market where large no. of firms producing homogeneous products…

Q: Only one firm able to produce profitably in a market given demand and costs describes a ____?

A: A monopoly market's features enable the sole seller both the market operator and the value creator.

Q: Which of the following is true concerning purely competitive industries?

A: The perfect competition market consists of a large number of sellers who are price takers as the…

Q: In perfect competition , firms set price equal to marginal cost . Why can't firms do this when there…

A: In the perfectly competitive market. firms are price takers as they produce identical products and…

Q: Whether the consumers or the producers will benefit from the technological progress in a perfectly…

A: Given the amount of production of the other item, production efficiency occurs when one good is…

Q: Which of the following is the best example of a business firm operating in a competitive price-taker…

A: Answer: D (an Indian hog farmer that raises pigs) Explanation: A competitive market is a market…

Q: perfectly competitive market?

A: Perfectly competitive market is the ideal market where buyers and sellers all have perfect complete…

Q: What is special about a purely competitive market?

A: A perfectly competitive market is the market in which there is perfect competition amongst buyers…