a characteristic of perfect competition is when ​

Answers

Answer 1

Answer:

Firms are said to be in perfect competition when the following conditions occur: (1) many firms produce identical products; (2) many buyers are available to buy the product, and many sellers are available to sell the product; (3) sellers and buyers have all relevant information to make rational decisions about the product being bought and sold; and (4) firms can enter and leave the market without any restrictions—in other words, there is free entry and exit into and out of the market.

Explanation:

A perfectly competitive firm is known as a price taker, because the pressure of competing firms forces them to accept the prevailing equilibrium price in the market. If a firm in a perfectly competitive market raises the price of its product by so much as a penny, it will lose all of its sales to competitors. When a wheat grower, as discussed in the Bring it Home feature, wants to know what the going price of wheat is, he or she has to go to the computer or listen to the radio to check. The market price is determined solely by supply and demand in the entire market and not the individual farmer. Also, a perfectly competitive firm must be a very small player in the overall market, so that it can increase or decrease output without noticeably affecting the overall quantity supplied and price in the market.

A perfectly competitive market is a hypothetical extreme; however, producers in a number of industries do face many competitor firms selling highly similar goods, in which case they must often act as price takers. Agricultural markets are often used as an example. The same crops grown by different farmers are largely interchangeable. According to the United States Department of Agriculture monthly reports, in 2015, U.S. corn farmers received an average price of $6.00 per bushel and wheat farmers received an average price of $6.00 per bushel. A corn farmer who attempted to sell at $7.00 per bushel, or a wheat grower who attempted to sell for $8.00 per bushel, would not have found any buyers. A perfectly competitive firm will not sell below the equilibrium price either. Why should they when they can sell all they want at the higher price? Other examples of agricultural markets that operate in close to perfectly competitive markets are small roadside produce markets and small organic farmers.


Related Questions

Please write a paragraph about how Martin Luther King Jr inspired others

Please include a topic sentence three details and a conclusion/transition in the paragraph

NO LINKS

Answers

Answer:

He inspired people around the world with a message of peaceful resistance and racial equality. He also helped people to have the courage to do what they wanted. He wrote the famous speech, “I HAVE A DREAM,” which he said in front of the Lincoln Memorial.

Who did MLK inspire? Mahatma Gandhi inspired people all over the world, including one of the United States' most famous civil rights leaders, Martin Luther King Jr. Though the two men never got a chance to meet (King was 19 when Gandhi was assassinated), King learned about Gandhi through his writing and a trip to India in 1959.

Which of the following was not a popular way to earn a living in the New England colonies?
1. shipbuilding
2. being a merchant
3. farming
4. fishing

Answers

Answer:

Farming

Explanation:

People in New England made money through fishing, whaling, shipbuilding, trading in its port cities and providing naval supplies.People in New England could not make a living from farming because most of the land was not suited to farming due to the hilly terrain and rocky soil.

i believe it is farming because they had coal and hey started to make factories and railroads. which was harmful to the environment and also they were big on trading supplies.

Which monarch was originally from the Netherlands?
Anne
George I
William III
Mary 11

Answers

Answer:

wiliam III

Explanation:

i’m timed pls hurry. What is the highest court in the state? the juvenile court the appeals court the supreme court the district court

Answers

state supreme court

In the United States, a state supreme court (known by other names in some states) is the highest court in the state judiciary of a U.S. state. On matters of state law, the judgment of a state supreme court is considered final and binding in both state and federal courts.

Answer:

the other guy is correct, it is C, the supreme court

Explanation:

Romanticism was an response to what other kind of literature and thought?

Answers

Answer:

Romanticism was a response to 'Neo-classical literature and scientific rationalist thought.'

Explanation:

Romanticism is characterized as the artistic and intellectual literary movement that originated towards the end of the 18th century that stressed emotion, freedom, and individual imagination. It rejected Neo-classicism's rationalist thought and emphasis on objectivity and logic and highlighted the significance of creativity, nature, feelings, and spontaneity. In the 'Preface to Lyrical Ballads,' Wordsworth and Coleridge detaches poetry from rationality and calls it 'a spontaneous overflow of powerful feelings and emotions recollected in tranquility.'

What was one of the Maya civilization's major achievements?
A. Ending the practice of slavery
B. Developing advanced mathematics
C. Giving equal rights to all social classes
D. Creating a powerful central government
PDF
SUBMIT

Answers

Answer:

B

Explanation:

The answer is B because they had a highly advanced numeral system with place values.  Maya mathematics were also far ahead of Europe for many centuries.

Answer:

B) Developing advanced mathematics

Explanation:

The Maya had advanced knowledge of astronomy, invented zero, and calculated the exact length of a year.

A social contract can be defined as
a.A written agreement between two people
b.A verbal agreement between two people
c.A verbal agreement between a government and its citizens
d.A written agreement between a government and its citizens
pls answer fast

Answers

B because it’s gay and so am I

What did the 1960s have in common with the Great Depression?
A.They were times of political and social turmoil.
B.The U.S. was involved in unpopular wars during both.
C.Unemployment reached record levels at both times.
D.During these times, radio was a popular form of entertainment.

Answers

C
That is how the 1960s were similar to the Great Depression

Which ruler of Mali was the first to become a devout Muslim

Answers

Answer: Musa I (c. 1280 – c. 1337 ), or Mansa Musa, was the tenth Mansa (a military title meaning "conqueror" or "emperor") of the Mali Empire, an Islamic West African state.

...

Mansa Musa

Religion Islam

HOPE THIS HELPS

How is ice melting different from burning something?

Answers

Answer:

Melting is a physical process that involves the phase transition of a substance from its solid to its liquid state. Burning, on the other hand, is a chemical process that involves a substance being broken down and changed into different substances. ... You've probably noticed that wood exposed to heat doesn't melt.

Answer:

Explanation:

Ice in its original form is still water. Nothing has changed when it is melted except its physical form.

When something is burned, there is a chemical reaction and usually the reaction cannot be reversed. When you burn wood so that only ashes are left,  you cannot wave a wand or do some other procedure to turn the ash back to wood.

If you want to change water back to ice, all you need do is store the water in a place that's below its melting point and before long you will have ice.

Why does the executive office of the president include press and communications staff?

The president uses mass media to speak to Congress.
The president uses mass media to gain support for policies.
The president uses mass media to issue executive orders.
The president uses mass media to speak to other countries

Answers

Answer:

The president uses mass media to gain support for policies.

Explanation:

The use of mass media by presidents of a country is not a new thing. Most leaders of a country use mass media as one of their important aspects or sectors in their administration.

The executive office of the president includes the agencies and offices that work for the President as executive legislation. And this includes the press as well as the communications staff. This is to make the president available and gain mass support. It also enables the president to use mass media to gain support for the policies he wants to execute.

Thus, the correct answer is the second option.

Answer:

Why does the executive office of the president include press and communications staff?

The president uses mass media to speak to Congress.

The president uses mass media to gain support for policies.  <<---Correct

The president uses mass media to issue executive orders.

The president uses mass media to speak to other countries.

Explanation:

Edge 2021

What form of poetry is Memories by Henry Wadsworth Longfellow

Answers

Answer:

Explanation: The poem 'Memories' by Henry Wadsworth Longellow is a sonnet. Longfellow was one of the poets who popularized the American sonnet,

Which conclusion about the experience of farmers affected by the Dust Bowl is best supported by the passage from The
Grapes of Wrath?
A Though many Great Plains farmers hoped to travel to western states, few were able to afford the journey's costs.
B The economic opportunities farmers found in western states were not significantly better than those in the Great Plains.
Great Plains farmers who relocated to western states were able to organize in order to better negotiate their wages.
Farmers who relocated from the Great Plains to western states were able to survive on lower wages because the cost of
D
living was lower

Answers

Ais the answer thats it?

what religion has roman catholic orthodox protestant in their groups?

Answers

Answer:

Christianity

Explanation:

When King Henry VIII wanted a divorce but the pope wouldn’t allow it, he made a new denomination of Christianity called the Church of England. This is Protestantism.

Hello!! I really need help pls answer as soon as your can <3

Answers

Answer:

Hope this helps!

Explanation:

On August 24, 1814, as the War of 1812 raged on, invading British troops marched into Washington and set fire to the U.S. Capitol, the President's Mansion, and other local landmarks.

After Napoleon Bonaparte failed to unite all of Europe under his rule, he was thrown off his throne by the neighboring nations during the War of Liberation on April 11th. This event along with others on April 11, is recapped in this video clip.

Pages in category "1814 deaths"

John Lovejoy Abbot.

Abdullah I Al-Sabah.

John Adams (educational writer)

George Augustus Addison.

Thomas Brudenell-Bruce, 1st Earl of Ailesbury.

Ivan Akimov.

Aleijadinho.

Ira Allen.

A large British army under Sir George Prevost was thus forced to abandon its invasion of the U.S. northeast and retreat to Canada. The American victory on Lake Champlain led to the conclusion of U.S.-British peace negotiations in Belgium, and on December 24, 1814, the Treaty of Ghent was signed, ending the war.

Have a good day!

define the following terms: recession: depression: expansion: this is for economics.​

Answers

Answer:

explanation

Explanation:

everyone is depressed to a certain extent

Answer:

Recession: a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.

"the country is in the depths of a recession"

Depression: a long and severe recession in an economy or market.

"the depression in the housing market"

Expansion: Expansion is the phase of the business cycle where real gross domestic product (GDP) grows for two or more consecutive quarters, moving from a trough to a peak. Expansion is typically accompanied by a rise in employment, consumer confidence, and equity markets and is also referred to as an economic recovery.

Explanation: Pls give brainliest :D

Which Robber Baron would be considered a Venture Capitalist by today’s standards?

Answers

Answer:

Bill Gates

Co-founder of Microsoft Corp.

Founded: 1975

"Ultimately, the PC will be a window to everything people are interested in-and everything we need to know."-Bill Gates

Some see him as an innovative visionary who sparked a computer revolution. Others see him as a modern-day robber baron whose predatory practices have stifled competition in the software industry. Regardless of what his supporters and detractors may think, few can argue that Bill Gates is one of, if not the most successful entrepreneur of the 20th century. In just 25 years, he built a two-man operation into a multibillion-dollar colossus and made himself the richest man in the world. Yet he accomplished this feat not by inventing new technology, but by taking existing technology, adapting it to a specific market, and then dominating that market through innovative promotion and cunning business savvy.

Gates' first exposure to computers came while he was attending the prestigious Lakeside School in Seattle. A local company offered the use of its computer to the school through a Teletype link, and young Gates became entranced by the possibilities of the primitive machine. Along with fellow student Paul Allen, he began ditching class to work in the school's computer room. Their work would soon pay off. When Gates was 16, he and Allen went into business together. The two teens netted $20,000 with Traf-O-Data, a program they developed to measure traffic flow in the Seattle area.

Despite his love and obvious aptitude for computer programming, and perhaps because of his father's influence, Gates entered Harvard in the fall of 1973. By his own admission, he was there in body but not in spirit, preferring to spend his time playing poker and video games rather than attending class.

What kept measures of strict segregation from appearing in the Oklahoma Constitution? (Site 3)

Answers

Ferguson, wherein the Court established the "separate but equal" doctrine. The decision gave the "green light" to those whites who wanted legally to segregate blacks. Consequently, the 1897 Oklahoma Territorial Legislature banned the practice of racial mixing in the schools.

As a result of the partition of India, the Muslims moved to ___________ and the Hindus moved to ____________.

Answers

Answer:

Muslims moved from east Punjab to west Punjab-Hindus moved from west Punjab to east Punjab.

How did nationalism contribute to global conflicts following World War 1 ?

Answers

Ans: Nationalism lead people to conflict. Archduke Franz Ferdinand was assassinated due nationalism by the Black Hand, a nationalist group that intended to liberate the Serbs from the Austro-Hungarian occupation. The death of Franz Ferdinand was one of the most important factos to cause the World War I.

Ok which one would it be can you guys help I will help you guys and give you 35 points

Answers

Answer:

The first one is Latern Festival

Explanation:

The Chinese New Year celebrations come to an end with the Lantern Festival, which marks the first Full Moon of the year.

Sorry, i could not help with the other one d on't speak spanish

Answer:

A

Explanation:

please help i’ll give brainlist o

Answers

Answer:

A or B

Explanation:

It a 50/50 shot. A or B

NEED HELP ASAP!!!!
What is the best description of China's geography?

A big, flat, two rivers

B swampy, eastern coastline, mountainous

C northern desert, mountains east and west, southern jungles, eastern coastline

D southern desert, northern jungles, western coastline, two rivers

Answers

I think it wold be C

In what way was the Nazi-Soviet Pact similar to the treaty that created the Axis?

It was violated by Hitler.


It established a military alliance.


It enabled the signers to engage freely in aggressive actions.


It was an act of appeasement.

Answers

Answer:

C.

It enabled the signers to engage freely in aggressive actions.

Explanation:

Quizlet

The Nazi-Soviet Pact  was similar to the treaty that created the Axis because it enabled the signers to engage freely in aggressive actions. Thus, option C is correct.

What is Nazi-Soviet Pact?

On August 23, 1939, the two dictators, to virtually everyone's surprise, established a nonaggression treaty. The two men came to an understanding that neither their nations nor any others would attack the other.

Additionally, they agreed to consult one another whenever they had information or queries about matters pertaining to their shared interests and to use negotiation or arbitration to settle any disagreements. The agreement would last for ten years, with a five-year extension occurring automatically unless either side gave notice to terminate it. Everyone was stunned by the accord. Both Stalin and Hitler were aware that their internal propaganda apparatuses would have to put in a lot of effort to alter both the positive and unfavorable public perceptions in their respective countries.

Therefore, we can conclude that option C is correct.

Learn more about Nazi-Soviet Pact here:

https://brainly.com/question/3400275

#SPJ2

Other Questions
.Bacteria.plant and animal cells.Describe at least 3 differences between the bacteria and the other to cells (plant and animal cells.) g Suppose, for simplicity, that three main parts of a laptop are CPU, RAM, and hard drive;so if one of theses components fails, the laptop fails. Assume that the life times of CPU, RAM, and hard drive are exponentially distributed with mean 3 years, 2 years, and 5 years, respectively. If the company that sells these laptops guarantees the replacement of any laptops that fail in the first year, anda replacement costs $500, what would be the average yearly replacement cost What's the partial pressure of hydrogen in a gas mixture if its mole fraction is 0.1 and the total pressure is 325 torr?Question 15 options:325 torr32.5 torr100 torr65 torr Select the correct answerwhich word in bold letters is the subject in this sentence?The panthers played well and won the game.A panthersB. wellwonODgame Oil is pumped continuously from a well at a rate proportional to the amount of oil left in the well. Initially there were million barrels of oil in the well; six years later barrels remain.At what rate was the amount of oil in the well decreasing when there were barrels remaining Can somebody help me? What is the value of (-2+37) - (-3 - 11i)? Is walk two moons the story past or present?? 1. Tuesday's multi-city police raids leading _______the arrests of five people______alleged Maoist links has once again brought the debate on the conceptof Urban Naxalism.O a for, aboutb. to, withC. in, ind. despite, against Find the ordered pair that is a member of both -2x + 6y = 34 and2x + 2y = 14 or indicate if it does not exist or there are infinitepossibilities. Which idea best supports an argumentative essay against playing football in middle school? Football is a popular sport in the United States. Football is a dangerous sport. Football was invented in the Americas. Football has a larger audience than baseball. Can someone please help me with this....im stuck. Ben in n years old chloe is twice as old as Ben Dan is 5 years younger than Ben The total of bens age, chloes age, and Dans age is T years Find a formula for T in terms of n 1. Write formulas for the binary ionic compounds formed betweenthe following elements:a. potassium and iodine d. aluminum and sulfurb. magnesium and chlorine e. aluminum and nitrogenC. sodium and sulfur Sarah is a 30 year old white female. Her occupation is part time chef. She is recently been divorced and has custody ofher three children. She has extreme changes in her mood that began to appear in her 20's but she never went to see adoctor about them. When family tries to talk to her about her upset, she reacts by becoming angry and blaming themfor her situation. She is currently complaining of crying episodes, not eating, headaches, thinking she is a failure,spending most of her time in bed, and not being interested in activities she once enjoyed doing with her kids, such asgoing to the park and seeing movies. Her mother and grandfather also showed signs of mental illness and shereported that her mom has taken Depakote before, which helped. Sarah wants to open her own restaurant and move toa bigger house.1. Please answer the following questions by referring to the above case study and the assigned reading for thisunit: What psychological and physical symptoms does Sarah present with?. What is the primary psychological disorder diagnosis that fits her symptoms based on the disordersdescribed in the textbook? Allison is investigating the influence of the number of times someone eats at McDonalds each week and its effect on athletic performance. Athletic performance is the __________ variable. Where is kudzu native to?Why was it brought to the US?How did kudzu grow uncontrollably? Please help with Spanish PLEASE HELP!!!! While observing the fare meter in a taxi, a student records the following data:Reading on Taxi Fare MeterTime (minutes) Meter Reading0 $7.7510 $13.2520 $18.7530 $24.25What is the equation that relates the cost, C(t), of the taxi ride and time, t, in minutes? What is the cost of a 42-minute taxi ride? (7 points)C(t) = 0.55t + 7.75, $30.85C(t) = 1.71t + 7.75, $79.57C(t) = 0.775t + 5.50, $38.05C(t) = 5.5t + 0.775, $231.78 i need 2 example each for connective of tissues, Epithelial, muscle and nervous