Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. economics
  3. a. give three characteristics of a perfectly compe

a. Give three characteristics of a perfectly competitive market. [3 marks] b. List and explain three types...

90.2K

Verified Solution

Question

Economics

a. Give three characteristics of a perfectly competitive market.[3 marks]

b. List and explain three types of barriers to entry that may beused in a monopoly. [3 marks]

c. For a monopolist, why is marginal revenue less than price forevery level of output except the first? [4 marks]

d. Give the conditions which should exist for pricediscrimination? [3 marks]

e. Draw a diagram to show the long run equilibrium condition ofthe perfectly competitive firm [4 marks]   

Answer & Explanation Solved by verified expert
4.2 Ratings (607 Votes)
A There are following characteristics There are free entry and exit They produce homogeneous product There are many buyers and sellers They are price taker ie They have to charge what market price is B 1 Patent and copyright 2 Economies of scale 3monopoly resources Explanation 1 Patent and copyright This is useful to create monopoly as no one can sell the product which has copyright or    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Clearly explain the biochemical mechanism by which humans get well from bacterial infection after taking puromycin.

Medical Sciences
Q

A buffer contains 0.10 mol of propionic acid (C2H5COOH) and 0.19 mol of sodium propionate (C2H5COONa)...

Chemistry
Q

Needs internet search What level of quality and consistency does the Bass Pro Shop have? How many features...

Operations Management
Q

t is a responsibility of the global firm to ascertain the level of importance of various...

General Management
Q

10. Suppose that X, Y and Z are normally distributed where X ? N(100,100), Y ?...

Basic Math
Q

E6-4 Analyzing Changes in Price, Cost Structure, Degree of Operating Leverage [LO 6-4, 6-5] Cove’s Cakes is...

Accounting
Q

Which of the following is true about hematopoiesis Mark all that apply Totipotent HSCs become...

Biology
Q

9 If the exact volume of a right circular cylinder is 200 cm and its...

Geometry
Q

Write as an exponential equation.log 8x = 1The logarithmic equation log gx = 1 written...

Basic Math
Q

1. Accrued revenues are a. received and recorded as liabilities before they are earned. b....

Accounting
Q

Jan is unmarried and has no children, but she provides more than half of the...

Accounting
Q

Select One: A) $232,000 B) $224,000 C) $16,000 D) $248,000 E) No Pension Expense Needs...

Accounting