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Price under perfect competition is determined by the forces of demand and supply of the industry. The price once fixed up by the industry is taken up by all the firms and the firm can sell any number of units at hat price.=The firm may earn normal profits, super normal profits in the short run whereas it earns normal profits in the long run.=
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Distinguish perfect competition and imperfect competition?
In imperfect competition the producer is the price maker. Whereas in perfect the producer is the price taker meaning there are many producers and no one can influence the price.
Explain in detail Price determination under perfect competition?
Price under perfect competition is determined by the forces of demand and supply of the industry. The price once fixed up by the industry is taken up by all the firms and the firm can sell any number of units at hat price.=The firm may earn normal profits, super normal profits in the short run whereas it earns normal profits in the long run.=
Explain in detail with suitable examples the imperfect competition and perfect competition?
In imperfect competition the producer is the price maker whereas in perfect the producer is the price taker. In imperfect no new competitors enter the industries hence super normal profits will continue to be realised, unlike in perfect comp
Under perfect competition a firm can earn normal perfect in the long-run?
Perfect competition is efficient in the long run because price _____ marginal cost and firms are producing at minimum _____.
What are the resources allocation under perfect competition?
In economics, perfect competition is a structure that allocates resources as efficiently as possible. When this happens, price and marginal cost are equal.
Distinguish perfect competition and imperfect competition?
In imperfect competition the producer is the price maker. Whereas in perfect the producer is the price taker meaning there are many producers and no one can influence the price.
Explain in detail Price determination under perfect competition?
Price under perfect competition is determined by the forces of demand and supply of the industry. The price once fixed up by the industry is taken up by all the firms and the firm can sell any number of units at hat price.=The firm may earn normal profits, super normal profits in the short run whereas it earns normal profits in the long run.=
Explain in detail with suitable examples the imperfect competition and perfect competition?
In imperfect competition the producer is the price maker whereas in perfect the producer is the price taker. In imperfect no new competitors enter the industries hence super normal profits will continue to be realised, unlike in perfect comp
In what kind of market is the price demand the most elastic?
Perfect Competition
Under perfect competition a firm can earn normal perfect in the long-run?
Perfect competition is efficient in the long run because price _____ marginal cost and firms are producing at minimum _____.
What are the resources allocation under perfect competition?
In economics, perfect competition is a structure that allocates resources as efficiently as possible. When this happens, price and marginal cost are equal.
Why is price per unit equal to the average revenue and marginal revenue of a firm under perfect competition?
Under Perfect competition , Marginal revenue is constant and equal to the prevailing market price, since all units are sold at the same price. Thus in pure competition MR = AR = P.
Explain price determination under monopolistic competition?
My heartfelt apologies, I don't mean to be rude. But, is this a loaded question? If it is a monopoly, there's no competition. Therefore you can determine the price any way you want. {eijgniy: hey there is such a market called monopolistic competition.
What is the Price elasticity of demand in each of the four market structures perfect competition monopoly monopolistic competition and oligopoly?
Perfect competition is perfectly elastic (taken from my Economics textbook)...still searching on the other three.
What is the Price elasticity of demand in each of the four market structures - perfect competition monopoly monopolistic competition and oligopoly?
Perfect competition is perfectly elastic (taken from my Economics textbook)...still searching on the other three.
Why is Perfect Competition as a model better for society than unregulated Monopoly?
Perfect competition allows for fairer price structures than those that would likely be seen in a monopoly.
In what type of market must market price always be equal to marginal cost?
Under perfect competition, since there is no room in perfect competition to earn any abnormal profits
