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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€2,69
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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
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Vak
Economics IA (ECS1501)
Instelling
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...
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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
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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.
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