Perfect competition is efficient because it makes marginal benefit equal marginal cost, and it is fair because

Question:

Perfect competition is efficient because it makes marginal benefit equal marginal cost, and it is fair because trade is voluntary, consumers pay the lowest possible prices, and entrepreneurs earn normal profit

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Essential Foundations Of Economics

ISBN: 9780520219465

7th Global Edition

Authors: Bade, Robin;Parkin, Michael

See More Books

Question Posted: Nov 05, 2024 10:01 AM

See More Questions

Perfect competition is efficient because it makes marginal benefit equal marginal cost, and it is fair because trade is voluntary, consumers pay the lowest possible prices, and entrepreneurs earn...
Light Sweet Petroleum, Inc., is trying to evaluate a generation project with the following cash flows: Year Cash Flow 0 %u2013$ 39,200,000 1 63,200,000 2 %u2013 12,200,000 a-1 What is the NPV for the...
What is the Quantity Theory? How does it differ from the equation of exchange?
The following network is a compressed representation of the prospectus of a start-up firm that plans to develop a new, bio electronic computer chip. Note that four activities, the biological...
Perfect competition is efficient because it makes marginal benefit equal marginal cost, and it is fair because trade is voluntary, consumers pay the lowest possible prices, and entrepreneurs earn...
The accounting records of Clay Ceramics included the following at January 1, 2012: In the past, Clays warranty expense has been 8% of sales. During 2012, Clay made sales of $136,000 and paid $7,000...
When providing an overview of your company to a customer you ve called on many times before, you should: Ask the customer what information they lack about your company. Fit as many details on your...
An advance in technology that lowers the cost of producing a good increases market supply, lowers the price, and increases the quantity.
1. Look at the list to the left. In what type of market is each good or service in the list sold? Explain your answers.
Let X1, . . . , Xk be independent random variables such that Xi has the binomial distribution with parameters ni and pi . We wish to test the null hypothesis H0: p1 = . . . = pk versus the...
The popularity of Joe's Deli has caused lines to form throughout the operation and customers to start grumbling about the length of time they must spend to get their shopping completed. Joe's process...
Ionic Charge is a newly organized manufacturing business that plans to manufacture and sell 50,000 units per year of a new product. The following estimates have been made of the company's costs and...
Comprehensive Problem Part 1 and Part 2 : Palisade Creek Co . is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co . as of May 1 , 2 0 Y 7...
QUESTION 7 Jimmy has fallen on hard times recently. Last year he borrowed $250,000 and added an additional $50,000 of his own funds to purchase $300,000 of undeveloped real estate. This year the...
b. Brent uses the actual cost method. [Assume that no 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is used. The recovery limitation for an auto...
On a lossless transmission line terminated in a load ZL = 100 , the standing-wave ratio was measured to be 2.5. Use the Smith chart to find the two possible values of Z0.
In the current year, the City of Omaha donates land worth $500,000 to Ace Corporation to induce it to locate in Omaha and create an estimated 2,000 jobs for its citizens. a. How much income, if any,...

Perfect competition is efficient because it makes marginal benefit equal marginal cost, and it is fair because

Question:

Step by Step Answer:

Essential Foundations Of Economics

Students also viewed these Business questions