Garantie de satisfaction à 100% Disponible immédiatement après paiement En ligne et en PDF Tu n'es attaché à rien
Recherché précédemment par vous
ECS1501 ASSESSMENT 9 SEMESTER 2 2024 (A+ GUARANTEED)In a perfectly competitive market, a) each participant is too small to affect the market price. b) government intervention is needed to ensure that prices are fair for consumers. c) the price can be driv€2,70
Ajouter au panier
ECS1501 ASSESSMENT 9 SEMESTER 2 2024 (A+ GUARANTEED)In a perfectly competitive market, a) each participant is too small to affect the market price. b) government intervention is needed to ensure that prices are fair for consumers. c) the price can be driv
27 vues 2 fois vendu
Cours
Economics IA (ECS1501)
Établissement
University Of South Africa (Unisa)
ECS1501 ASSESSMENT 9 SEMESTER 2 2024
In a perfectly competitive market,
a) each participant is too small to affect the market price.
b) government intervention is needed to ensure that prices are fair for consumers.
c) the price can be driven upward by suppliers holding back on goods and servic...
DISCLAIMER: THIS IS NOT AN OFFICIAL GUIDE FROM UNISA. THE REPORT IS NOT
PREPARED NOR APPROVED BY UNISA, RATHER REPRESENTS A POSSIBLE
SOLUTION TO THE TASK CONSISTENT WITH THEORY. THIS ASSIGNMENT IS
INTENDED TO ASSIST STUDENTS IN GETTING STARTED WITH THEIR ASSIGNMENT,
AND IN NO CASE THIS DOCUMENT SHOULD BE USED FOR CHEATING. WE BELIEVE
THIS WILL BE A GOOD STARTING POINT AS IT WAS PREPARED BY OUR TEAM OF
PROFESSIONAL PRIVATE TUTORS WHO ARE EXPERTS IN THE FIELD, AND IT WAS
PREPARED USING VARIOUS SOURCES. ANY SIMILARITY WITH ANY EXISTING
THEORY OR DISCUSSION BY OTHER AUTHORS IS EXCUSED. THE AUTHORS
HOWEVER DO NOT CLAIM MONOPOLY TO KNOWLEDGE HENCE MODIFICATION OF
THE ANSWERS CONTAINED IN THIS FRAMEWORK MAY NOT BE PROHIBITED AS IT
CONTRIBUTES TO EXPANSION OF KNOWLEDGE. FOR ANY FURTHER GUIDELINE
ABOUT THE INFORMATION CONTAINED HERE AND THE MODULE IN GENERAL,
CONTACT PASSMATE TUTORIALS.
Started on Tuesday, 24 September 2024, 4:42 PM
State Finished
Completed on Tuesday, 24 September 2024, 4:52 PM
Time taken 9 mins 35 secs
Marks 11.00/11.00
Grade 100.00 out of 100.00
Question 1
Complete
Not graded
I confirm
that this assessment will be my own individual work;
that I will not communicate with anyone else in any way during the completion of this assessment;
that I will not cheat in any way in completing and submitting this assessment.
each participant is too small to affect the market price.
government intervention is needed to ensure that prices are fair for consumers.
the price can be driven upward by suppliers holding back on goods and services.
there can be few or many buyers and sellers.
In a perfectly competitive market, there are many buyers and sellers, all of whom are small relative to the size of the market.
This market structure is characterised by several key features:
1. Many Buyers and Sellers: There are numerous buyers and sellers in the market, and no single buyer or seller has the
power to influence the market price. Each buyer and seller is a price taker, meaning they accept the market price as
given and cannot change it.
2. Homogeneous Products: The products or services sold in a perfectly competitive market are homogeneous (meaning
they are identical and indistinguishable from one another).
3. Perfect Information: All buyers and sellers in a perfectly competitive market have access to perfect information. T
4. Free Entry and Exit: There are no barriers to entry or exit in the market.
5. Firms are Price Takers: Each firm in a perfectly competitive market is so small compared to the overall market that its
actions cannot affect the market price. Therefore, each firm accepts the market price as given and adjusts its quantity
of output to maximise profits at that price.
6. Profit Maximisation: Firms in a perfectly competitive market aim to maximise profits.
7. No government intervention: The market answers the questions What? How? and For whom?
Which of the following is not a characteristic of perfect competition in the short run?
All buyers and sellers have perfect knowledge of market conditions.
The equilibrium level of output occurs where marginal cost equals marginal revenue.
All firms are price takers.
All firms produce where average costs are minimised.
In a perfectly competitive market firms are price takers and maximise profits where P = MR = MC.
A perfectly competitive market is characterised by:
1. Many Buyers and Sellers: There are numerous buyers and sellers in the market, and no single buyer or seller has the
power to influence the market price. Each buyer and seller is a price taker, meaning they accept the market price as
given and cannot change it.
2. Homogeneous Products: The products or services sold in a perfectly competitive market are homogeneous (meaning
they are identical and indistinguishable from one another).
3. Perfect Information: All buyers and sellers in a perfectly competitive market have access to perfect information. T
4. Free Entry and Exit: There are no barriers to entry or exit in the market.
5. Firms are Price Takers: Each firm in a perfectly competitive market is so small compared to the overall market that its
actions cannot affect the market price. Therefore, each firm accepts the market price as given and adjusts its quantity
of output to maximise profits at that price.
6. Profit Maximisation: Firms in a perfectly competitive market aim to maximise profits.
7. No government intervention: The market answers the questions What? How? and For whom
In the short run, however, they do not all produce at minimum average costs, but where P = AR =- MC.
Les clients de Stuvia ont évalués plus de 700 000 résumés. C'est comme ça que vous savez que vous achetez les meilleurs documents.
L’achat facile et rapide
Vous pouvez payer rapidement avec iDeal, carte de crédit ou Stuvia-crédit pour les résumés. Il n'y a pas d'adhésion nécessaire.
Focus sur l’essentiel
Vos camarades écrivent eux-mêmes les notes d’étude, c’est pourquoi les documents sont toujours fiables et à jour. Cela garantit que vous arrivez rapidement au coeur du matériel.
Foire aux questions
Qu'est-ce que j'obtiens en achetant ce document ?
Vous obtenez un PDF, disponible immédiatement après votre achat. Le document acheté est accessible à tout moment, n'importe où et indéfiniment via votre profil.
Garantie de remboursement : comment ça marche ?
Notre garantie de satisfaction garantit que vous trouverez toujours un document d'étude qui vous convient. Vous remplissez un formulaire et notre équipe du service client s'occupe du reste.
Auprès de qui est-ce que j'achète ce résumé ?
Stuvia est une place de marché. Alors, vous n'achetez donc pas ce document chez nous, mais auprès du vendeur passmatetutorials. Stuvia facilite les paiements au vendeur.
Est-ce que j'aurai un abonnement?
Non, vous n'achetez ce résumé que pour €2,70. Vous n'êtes lié à rien après votre achat.
