Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 13, 2024

Because the demand curve embeds the buyer's value of the product and the supply curve embeds the marginal cost of production and supply and demand

Because the demand curve embeds the buyer's value of the product and the supply curve embeds the marginal cost of production and supply and demand determine price and quantity, we know that perfectly competitive industries exhibit Multiple choice question. expansion efficiency. allocative efficiency. cost efficiency. productive efficiency

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Mathematics

Authors: OpenStax

1st Edition

1711470554, 978-1711470559

Students also viewed these Economics questions

Question

★★★★★

Discuss the considerations that should be evaluated in targeting a macro-market segment whose buyers needs vary versus targeting three microsegments within the macro segment.

Answered: 1 week ago

Question

★★★★★

During an economic downturn, 20 companies were sampled and asked whether they were planning to increase their workforce. Only 3 of the 20 companies were planning to increase their workforce. Use the...

Answered: 1 week ago

Question

★★★★★

=+of new awards was begun again, were the trophies the same size? Compare the two groups with an appropriate nonparametric measure. Complete the test at a = 0.10. Award Year Size Americas Cup 1851 27...

Answered: 1 week ago

Question

★★★★★

Burr Motor Company, a manufacturer of small- to medium-sized electric motors, needs additional funds to market a revolutionary new motor. Burr has arranged for private placement of a $50,000,...

Answered: 1 week ago

Question

★★★★★

On July 1, Clark Cootes acquired a 20% interest in the partnership of Davis & Denny, by contributing a parcel of land for which his basis was $8,000. At the date of the contribution, the land had a...

Answered: 1 week ago

Question

★★★★★

Determine the magnitude of the equivalent resultant force of the distributed load and specify its location on the beam measured from point A. W 420 lb/ft w = (5 (x-8) +100) lb/ft 100 lb/ft. 8 ft- 120...

Answered: 1 week ago

Question

★★★★★

In the context of emerging technologies like artificial intelligence or blockchain, how can businesses balance the potential benefits with the inherent complexities and risks?

Answered: 1 week ago

Question

★★★★★

At another local coffee shop, wait times for a cup of plain coffee are normally distributed with a mean of $125 seconds and a standard deviation of 22 seconds. What percentage of wait times for a cup...

Answered: 1 week ago

Question

★★★★★

Luisa treats rice and wheat as perfect complements and spends all her food budget of $24/wk on these foodstuffs. If rice costs $3/lb, draw Luisa's price-consumption curve for wheat. Instructions: 1....

Answered: 1 week ago

Question

★★★★★

QUESTION 7 Graph 10-3 P Social Cost P Supply (Private Cost) P Demand Q1 Q This graph reflects the market for kiwifruit, where pesticide used by kiwifruit orchardists also unintentionally kills honey...

Answered: 1 week ago

Question

★★★★★

Sky Castle Manufacturing Company has two service departments, human resources and office services. It also has two production departments, assembly and finishing. The following information is made...

Answered: 1 week ago

Question

★★★★★

1. Do you think that a company should primarily be valued relative to the global industry to which it belongs, or to other national companies listed in its domestic home market? 2. Describe indexes...

Answered: 1 week ago

Question

★★★★★

41% of adults favor the use of unmanned drones by police agencies. Twelve U.S. adults are randomly selected. (a) Write down the expected number of U.S. adults favor the use of unmanned drones by...

Answered: 1 week ago

Previous Question Next Question