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Grocery stores and gasoline stations in a large city would appear to be examples of competitive markets: There are numerous relatively small sellers, each seller is a price-taker, and the products are quite similar.
a. How could we argue that these markets are notcompetitive?
b. Could each firm face a demand curve that is not perfectly elastic?
c. How profitable do you expect grocery stores and gasoline stations to be in the long run
Is it possible for companies both to maximize financial value for shareholders and to act responsibly in the communities in which they operate. Cite examples of companies that are doing so.
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Apply the concept of price elasticity to a purchasing decision you made within the past year. Give an example on how the elasticity of demand helped you determine whether a product or service was a luxury to have or a necessity.
Employ the following equation to demonstrate why the firm producing at the output level where MR=MC will also be able to maximize its total profit
If this firm was under perfect competition, what would be the efficient level of output in the long run?
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Does farming in the United States have the characteristics of perfect competition How does perfect competition in the farming industry help farmers and consumers? Hurt farmers and consumers
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Suppose each of the towns A, B, C, D, E, F, and G has a weekly market day, but different towns have a different market day. Example, if A has market day on Tuesday, then deciding to go to market at A and deciding to go to market on Tuesday are the sa..
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