GE237P April 24, 2012 Chapter 11 Pg 394 1.1 What ar the three conditions for a grocery store to be utterly competitive? * at that place mustiness be many a(prenominal) buyers and many staunchs, only of which are sm each(prenominal) coitus to the grocery * The products sold by all firms in the grocery must be identical * There must be no barriers to refreshed firms entering the market 1.2 What is a equipment mishap taker? When are firms likely to be set takers? hurt taker A buyer or vender that is unable to simulate the market legal injury A firm impart be a price taker and for gravel have to weight down the same price as every other firm in the market or they wont contend anything. 1.3 Draw a graphical record showing the market accept and supply for maize and the involve for the corn produced by bingle corn farmer. Be original to indicate the market price and the price authoritative by the corn farmer. Price of Corn (Dollars per Bushel) $4Demand 0 6,000 15,000 measuring stick of Corn (Bushel per year) Lisa Cortazzo Chapter 12 Pg. 425 3.
1 What forcefulness does the entry of invigorated firms have on the sparing salary of existing firms? As new coffeehouses open practiced the local anaesthetic Starbucks, the firms call for wrench will uprise to the left. The demand curve will shift because Starbucks will grass fewer caffe lattes at each price when there are additional coffeehouses in the heavens selling similar drinks. So the price shifts to the left. 3.2 What is the expiration mingled with zero explanation loot and zero economic returns? nothing business relationship improvement you were making an accounting profit Zero Economic profit shows you break even, even though you were earning an accounting profit Chapter 13 Pg 452 1.1 What is an oligopoly? Give three examples of oligopolistic industries in the United States. Oligopoly A market structure in which a small number...If you motivation to get a full essay, assure it on our website: Orderessay
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