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Why do we, as consumers, prefer the prices found in competitive markets? How are the prices...

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Finance

Why do we, as consumers, prefer the prices found in competitivemarkets? How are the prices in perfectly competitive marketsdetermined? Explain,

Which of the four market structures that we covered is mostprofitable for the firm? Is this the best market structure forconsumers? Why or why not? Explain.

We've made a pretty big deal about the differences between fixedand variable costs. Why does variable cost change as outputchanges? From your perspective as a manager, why is this important?Explain.

Answer & Explanation Solved by verified expert
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Prices in perfectly competitive markets are determined by purely supply and demand There are no transaction costs Consumers prefer the prices found in competitive markets because it maximized consumer satisfaction The price    See Answer
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Why do we, as consumers, prefer the prices found in competitivemarkets? How are the prices in perfectly competitive marketsdetermined? Explain,Which of the four market structures that we covered is mostprofitable for the firm? Is this the best market structure forconsumers? Why or why not? Explain.We've made a pretty big deal about the differences between fixedand variable costs. Why does variable cost change as outputchanges? From your perspective as a manager, why is this important?Explain.

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