Purchase Solution

Economics

Not what you're looking for?

Ask Custom Question

Efficiency is a hot topic in the media regarding transportation, energy, and many other industries. Explain how perfectly competitive markets use or do not use resources efficiently.

PLEASE USE ANY CITATION, EXCEPT WIKIPEDIA, ENCARTA, OR WORLD BOOK

Purchase this Solution

Solution Summary

The response addresses the queries in 450 words with references.

Solution Preview

The response addresses the queries with references.

//In this paper, we will discuss the definition of a perfectly competitive market. The paper will also include about the role of resources in a perfectly competitive market. We will also discuss about the effective use of available resources by the perfectly competitive markets.//

Perfectly competitive market is the market where group of individuals and many small firms participate in trading of goods and services. The price of homogeneous products is not set by the firms, buyers and other participants of the market, because they do not have enough power to set the price of the product. The prices of the products are set by the market only because the market conditions are very rigid. In ...

Solution provided by:
Education
  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
Recent Feedback
  • "Thank You so much! "
  • "Always provide great help, I highly recommend Mr. Sharma over others, thanks again. "
  • "great job. I will need another help from you. "
  • "first class!"
  • "Thank you for your great notes. Will you be willing to help me with one more assignment? "
Purchase this Solution


Free BrainMass Quizzes
Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.

Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.