Price taking and price making

The price makers within a purely competitive market are: (i) auctioneers (ii) buyers. (iii) sellers. (iv) both buyers and sellers. (v) nobody.

I need a good answer on the topic of Economics problems. Please give me your suggestion for the same by using above options.

View Complete Question

Related Questions in Microeconomics

Q : Constant price in economic rent

Economic rent is: (1) determined by the supply side. (2) independent of the strength of demand. (3) received whenever owners receive a constant price for a resource that supply curve is upward sloping. (4) included in society's opportunity costs of pr

Q : Students Rail Fares-Bransons good deed

‘Are rail companies being sympathetic to students in providing cheaper fares with young person’s rail-cards?’

Q : Imperfect competition-Market power of

As MRP < VMP in imperfect competition whenever firms encompass market power as sellers then: (i) MPPL = VMP. (ii) The price of output surpasses MFC. (iii) Monopolistic exploitation becomes essential to get profit. (iv) Imperfect competition can’t reach the eq

Q : Public Goods and Service Why does a

Why does a good or service become a public good or service?

Q : Problem on positive quantity Supply The

The law of supply defines that, other things equivalent: (1) Quantity supplied differs inversely with price. (2) A good’s supply is positively associated to its demand. (3) Quantity supplied is positively associated to price. (4) Prices and cost

Q : New cost-saving technologies adopting

Firms are under greater pressure to rapidly adopt any new cost-saving technologies when an industry is: (i) closely regulated by government. (ii) controlled by professional managers instead of owners. (iii) dominated by a vast monopoly. (iv) highly co

Q : Lacking of competition in the product

Can someone help me in finding out the right answer from the given options? The lack of competition in the product market outcomes in: (1) Less labor being appointed than if the markets were competitive. (2) More labor being hired than if the markets were competitive.

Q : Vigorous competition by firms in an

Allocating scarce resources hence they are put to the uses which best satisfy consumer wants is facilitated through: (w) highly bureaucratic, centralized decision making. (x) tax breaks for wealthy people which “trickle down” to consumers. (y) vigorous com

Q : Purely competition demand for labor A

A purely competitive demand of industry for labor is: (1) less elastic than the horizontal summation of the individual firm’s demands. (2) perfectly elastic. (3) upward sloping because of diminishing marginal returns to labor. (4) equal to the h

Q : Distribution of Wealth When line 0C0'

When line 0C0' shows the U.S. income distribution, in that case the distribution of wealth would most likely be possible: (1) line 0A0'. (2) line 0B0'. (3) line 0C0'. (4) line 0D0'. (5) line 0E0'.

Discover Q & A

Leading Solution Library

Avail More Than 1447312 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1958478
Asked

3,689

Active Tutors

1447312

Questions
Answered

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

Submit Assignment