Assumptions of purchase in perfectly competitive market

Assignment Help Business Economics
Reference no: EM131164554

Buying a hip replacement surgery is different from the assumptions of a purchase in the perfectly competitive market because A.the seller has an ethical duty to care for you. B. all buyers are price makers C.product characteristics do not vary significantly across providers. D. information is freely available about surgeons specializing in hip replacements.

Reference no: EM131164554

Questions Cloud

Provide their competitor prices to potential customers : In the 1980s, Progressive was a small auto insurance company that sold most of its policies to people who had poor driving records and could not qualify for the standard rate policies sold by other insurers. Progressive charged higher premiums for th..
The curve depicting the relationship : How would you interpret the following statement: “The curve depicting the relationship between national income per capita and life expectancy has shifted upward over time”?
Development of social insurance programs for health care : The necessary catalyst for development of social insurance programs for health care was the
The first study of death statistics : Starting with the late 17th century, the rise of economic science was associated with all of the following accomplishments, except. the first estimate of a nation’s GDP (in England). the first study of death statistics (in London), giving rise to the..
Assumptions of purchase in perfectly competitive market : Buying a hip replacement surgery is different from the assumptions of a purchase in the perfectly competitive market because. the seller has an ethical duty to care for you.
Example of productive inefficiency : Which of the following is an example of productive inefficiency?
The conventional new-product development process : The conventional New-Product Development Process- What are the steps here and what goes on where? Which do you feel creates the greatest challenges and why? While we are at it....New products can be everything from new-to- the-world products to minor..
Advocated for an increase in the minimum wage : Recently President Obama has advocated for an increase in the minimum wage. At the same time there have been organized labor movements arguing that the wage paid to fast food workers be raised to $15 per hour. What are the standard economic arguments..
Competitive firms operate at minimum of average cost curve : Society’s total surplus is maximized in perfectly competitive markets. Statement 2: In the long run, only perfectly competitive firms operate at the minimum of the average cost (AC) curve.

Reviews

Write a Review

Business Economics Questions & Answers

  Consumes two goods-strawberries and other goods

Maria consumes two goods, strawberries and other goods. Because of her exquisite taste, she buys her strawberries from a particular vendor. Her preferences over other goods y and strawberries x is characterized by a utility function U(x, y) = x + y, ..

  Fixed production input with the production function

Suppose that there is no fixed production input (i.e. long run.) With the production function above, the slope of the isoquant is given by MRTS = -(K/2L). Assume the firm chooses to hold costs C at $50.

  Assure the efficient allocation of resources in the long run

Why is the unrestricted entry of new firms to all markets necessary to assure the efficient allocation of resources in the long run?

  A machine makes drill bits

A machine makes drill bits. When the machine is operating correctly, the variance of the diameter of drill bits is no more than .04 inches. In a random sample of 81 drill bits, the sample variance was .07. Test the hypothesis at the 1% level that the..

  About the business cycle

This week, we are going to talk about bubbles, specifically, are we in one now? This in't really about growth - its more about the business cycle, but I found it particularly interesting. While much of the podcast focuses on San Francisco, there are ..

  What has happened to consumer surplus in the market

Apex Manufacturing charges Zenith Manufacturing with predatory pricing (that is, selling below cost) What do you think anti-trust authorities will want to consider before they determine whether prosecute Zenith for unfair practices in restraint of tr..

  Given the short-run cost curve-perfectly competitive market

Given the short-run (SR) cost curve in the chart above for a firm in a perfectly competitive market, find the firm’s best output level and total profits when the market price is: a) $18, b) $13 c) $5 d) $3.

  Example of consistent fiscal policy and monetary policy

Give an example of consistent Fiscal Policy and Monetary Policy that you would choose to correct unemployment gap (Recession) that you suspect in the economy?

  Consider homogeneous good market with market demand curve

Consider a homogeneous good market with the following market demand curve: Q = 8 − p, 0 ≤ p ≤ 8 = 0, p > 8. Two firms produce output at constant marginal cost which may be different. Derive the Nash equilibrium outcome and the profits of the two firm..

  Find the profit-maximizing number of separate labs

Moli Labs Inc. is developing medical research on a certain anti-laziness pill. It is estimated that the lifetime value of the patent on this pill would be V = $1024 (in millions). The company can invest in many separate identical labs. Each lab costs..

  Substitutes affect price elasticity of demand

What role does elasticity have on decisions made in the market? How does the availability of substitutes affect the price elasticity of demand? Explain using examples from your experiences.

  What are most significant regulatory improvements of basel

In the aftermath of the 2008 Financial Crisis, the Basel 3 Accord sought to reduce systemic risk. What are the most serious problems with Basel 2? What are the most significant regulatory improvements of Basel 3? Which provisions do you believe are m..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd