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.
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//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 ...
The response addresses the queries in 450 words with references.
Short answer questions in economics: economics, market economy, command economy,supply and demand
Questions (also attached):
1) What is economics?
2) What types of things are considered in economics? What is not?
3) What role does economics play in your personal decisions?
4) What are the advantages of a market versus a command economy?
1. What is the difference between the shift of and a movement along the demand curve?
2. What is the difference between the shift of and a movement along the supply curve?
3. How do shortages and surpluses develop?
4. What types of shortages and surpluses affect you either personally or in your work environment?
2. Answer the following questions:
a. What causes the changes in supply and demand?
b. How do shifts in supply and demand affect your decision making?
c. List four key points in the study of economics.