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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.
Which of the following describes the possible pricing pattern of firms in perfect competition?
each firm charges a different price to allow for difference fixed cost
Price determination in 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.=
A perfect competition firm sells 15 units of output at the going market price of 10suppose it average fixed cost is 15 and its average variable cost is 8what is its contribution of fixed cost?
Selling price = 10 Variable cost = 8 Contribution = 2 per unit
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
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.
Which of the following describes the possible pricing pattern of firms in perfect competition?
each firm charges a different price to allow for difference fixed cost
Price determination in 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.=
A perfect competition firm sells 15 units of output at the going market price of 10suppose it average fixed cost is 15 and its average variable cost is 8what is its contribution of fixed cost?
Selling price = 10 Variable cost = 8 Contribution = 2 per unit
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
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.=
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.
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.
