GE237P April 24, 2012 Chapter 11 Pg 394 1.1 What are the triplet conditions for a grocery stock to be utterly competitive? * at that place essential be many a(prenominal) buyers and many firms, all of which are dwarfish relative to the market * The products sold by all firms in the market must be identical * There must be no barriers to new firms entering the market 1.2 What is a equipment casualty taker? When are firms likely to be harm takers? ache taker A buyer or seller that is unable to put on the market price A firm will be a price taker and will have to charge the very(prenominal) price as every other firm in the market or they wont sell anything. 1.3 throw away a graph showing the market demand and communicate for maize and the demand for the give produced by one corn farmer. Be sure to indicate the market price and the price authoritative by the corn farmer. Price of Corn (Dollars per Bush el) $4Demand 0 6,000 15,000 Quantity of Corn (Bushel per year) Lisa Cortazzo Chapter 12 Pg. 425 3.1 What forcefulness does the admission of new firms have on the frugal salary of vivacious firms? As new coffeehouses open near the local anaesthetic(a) Starbucks, the firms demand wrench will shift to the left. The demand hoist will shift because Starbucks will sell fewer caffe lattes at each price when there are additional coffeehouses in the area selling similar drinks. So the price shifts to the left. 3.2 What is the expiry between zero explanation profit and zero stinting profit? Zero account statement profit you were making an accounting profit Zero Economic profit shows you break hitherto, even though you were earning an ac counting 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 broad essay, order it on our website: OrderEssay.net
If you want to get a full information about our service, visit our page: write my essay
No comments:
Post a Comment