Implication of buyers in market
Describe the implication of big number of buyers in the perfectly competetive market.
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The implication is that no single buyer is in a place to affect the market price on its own since an individual buyer?s purchase forms a negligible proportion of the total purchase of good in the market.
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Whenever the price of plastic moose heads increase from $5 to $7, monthly sales fall from 2000 to 1000 units. By using the arc elasticity formula, the price elasticity of demand will be: (i) 3.0. (ii) 1/3. (iii) 2.0. (iv) 2.5. Discover Q & A Leading Solution Library Avail More Than 1418778 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1939608 Asked 3,689 Active Tutors 1418778 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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