Individual firm in purely competitive industry

+44 141 628 6080
info@tutorsglobe.com

In a purely competitive industry, the individual firm: (i) can raise the quantity demanded by lowering the price of its product. (ii) experiences substantial economies of scale. (iii) faces a completely inelastic demand curve. (iv) cannot influence the market price. (v) None of the above.

Can anybody suggest me the proper explanation for given problem regarding Economics generally?

View Complete Question

Related Questions in Microeconomics

Q : Classified industries as oligopolistic

Industries which would be classified as oligopolistic comprise: (w) public utilities. (x) postal service. (y) breakfast cereal. (z) retailing.

Hello guys I want your advice. Please recommend some views for above

Q : Types of measurement in Metrics Types

Types of measurement in Metrics:

A) Nominal: a nominal scale assigns items to a category. For example, the category may be a simple "yes" or "no." In the case of a family, a nominal scale

Q : Income rate variation in Loren curve

When you were unconcerned about the welfare of other people and your income rated you onto the top two percent of the population, then you would be happiest while the Lorenz curve for your country resembled as: (1) li

Q : Determine supply curve for perfectly

Assume that all such curves in below demonstrated graph are infinitely long straight lines. The supply curve which is perfectly price-elastic is: (1) supply curve S₁. (2) supply curve S₂. (3) supply curve S₃. (4) suppl

Q : Explain an example of price

A Ferris wheel operator at the county fair charges of $2 per ride. Individual seat is vacant on what will be the final ride of the day. He asks when you would like a ride for a dollar. It is an illustration of: (1) reservation pricing. (2) price discrimination. (3) as

Q : Complementary Goods-Increasing prices

When the price of hot dogs rises, you would suppose the demand for: (i) mustard to rise. (ii) Hot dogs to reduce. (iii) Buns to rise. (iv) Hot dogs to rise. (v) Buns to reduce.

Find out the right answer from the above options.

Q : Exploitation of Labor-average revenue

The Exploitation might not exist even when the wage a worker is paid is less than worker’s: (1) Average revenue product. (2) Marginal revenue product. (3) Marginal factor cost. (4) The value of marginal product.

Can someone p

Q : Supply curve for price elasticity of

Suppose that all these demonstrated curves are infinitely long straight lines. So, a supply curve for that price elasticity of supply is constant for each possible price and quantity is: (i) supply curve S₂. (ii) supply curve S₃. (iii) supply curve S₅

Q : Surviving for maximum profits in

Supposing that the competitive firms should seek the maximum profits to survive signifies that: (1) Firm do not make trial-and-error decisions. (2) Each and every firm always seeks the maximum gain and nothing else. (3) Competition is very profitable.

Q : Purpose of shortages of price in price

Price ceilings tend to purpose of: (a) opportunity costs to decline. (b) monetary prices to rise legally. (c) shortages of price controlled goods. (d) black markets to disappear. (e) surpluses of goods at inflated prices.

Discover Q & A

Leading Solution Library

More Than 13,68,890 Solved problems, classrooms assignments, textbooks solutions, papers, essays

No hassle, Instant Download

Start Discovering

18,76,764

Questions
Asked

21,311

Experts

9,67,568

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment