Production in a competitive market system

Production within a competitive market system tends to be: (1) a process that exploits labor to the maximum. (2) geared to respond to the whims of central planners. (3) relatively efficient and low cost. (4) highly automated because labor costs more than machinery.

Please choose the right answer from above...I want your suggestion for the same.

View Complete Question

Related Questions in Microeconomics

Q : Problem on competitive equilibrium of

The economy consists of two consumers, A and B. Both consumers are endowed with one unit of good 1 and one unit of good 2. Consumer A is entirely indifferent between all consumption plans. Consumer B has the utility function u(xB1 ; xB

Q : Theory of Monopolistic Competition The

The theory of monopolistic competition was developed through: (1) Alfred Marshall. (2) John Maynard Keynes. (3) Joseph Schumpeter. (4) Edward Chamberlin. (5) Antoine Augustin Cournot. Please choose the right answer

Q : Average cost minimization at level of

HoloIMAGine has patented a holographic technology which makes 3-D photography obtainable to consumers. There level of sales and production at that HoloIMAGine would minimize its average cost [ATC] of production corresponds to as: (1)

Q : Complementary of cross-price elasticity

The most complementary of the given pairs of goods are: (1) organic vegetables and French fries. (2) polyester fabrics and cotton cloth. (3) transistor radios and televisions. (4) jogging shoes and bicycles. (5) pencils and erasers.

Q : Supply in short-run equilibrium When a

When a purely competitive industry is within short-run equilibrium, this: (w) should also be in long-run equilibrium. (x) won’t be in long-run equilibrium. (y) may or may not be within long-run equilibrium. (z) will experience m

Q : Determine demand when equilibrium

Car prices and sales such that the costs per mile of auto passenger travel, and whole passenger miles driven have all rose from the 1940 year, demonstrating that: (w) auto travel is an inferior good. (x) the demand for auto travel is positively sloped. (y) the law of

Q : Specific market price The difference

The difference among maximum amount which consumers would willingly pay for a particular quantity of a good and the amount they really pay at a specific market price is termed as: (i) Discount rate. (ii) Mark-up factor. (iii) Familial gains. (iv) Hous

Q : Competition and Labor Markets Can

Can someone please help me in finding out the accurate answer from the following question. With similar market demand for its product and similar market labor supply curve, employment will be maximum when the firm is: (1) Pure comp

Q : Labor-Leisure Tradeoffs When leisure is

When leisure is a normal good, in that case the demand for leisure: (1) varies directly with income. (2) has declined sharply from World War II. (3) is positively associated to the average age of the population. (4) shifts leftward as a result of tech

Q : Determine total revenue when prices fall

As the price falls by P4 to P3 to P2 to P1 beside such demand curve for Pixie's cheesy fried grits, then total revenue: (w) always rises. (x) always falls. (y) rises then falls. (z) falls then rises.

Discover Q & A

Leading Solution Library

Avail More Than 1420710 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1944842
Asked

3,689

Active Tutors

1420710

Questions
Answered

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

Submit Assignment