Economics

In a perfect competitive market setting,which of the following would be a true statement?
a)market price automatically sets itself exactly at equilibrium
b)market price rarely trends toward the equilibrium value
c)wage rates trend toward marginal revenue product levels
d)wage rates mirror marginal revenue product levels exactly

  1. 👍
  2. 👎
  3. 👁
  1. a,b,d

    1. 👍
    2. 👎
  2. Wage rates trend toward marginal revenue product levels.

    1. 👍
    2. 👎

Respond to this Question

First Name

Your Response

Similar Questions

  1. Microeconomics

    Monopolistic Competition A monopolistically competitive market could be considered inefficient because: A. Marginal revenue exceeds average revenue B. Price exceeds marginal cost C. Efficient scale is realized in the long run, but

  2. MicroEcon

    The market for apple pies in the city is competitive and has the following demand schedule: Price Quantity Demanded $1 1,200 2 1,100 3 1,000 4 900 5 800 6 700 etc... 13 0 Each producer in the market has fixed costs of $9 and the

  3. Economics

    The price received by sellers in a market will decrease if the government Answer A. imposes a binding price floor in that market. B. decreases a binding price ceiling in that market. C. decreases a tax on the good sold in that

  4. microeconomics

    1. Market demand is given as QD = 250 – 0.5P. Market supply is given as QS = 2P. In a perfectly competitive equilibrium, what will be the value of consumer surplus? a.$10 000 b.$20 000 c.$40 000 d.$80 000 2. Market demand is

  1. please check--intro to finance

    ______ is the price a firm paid to acquire an asset. a) book value b) market value c) markup price d) fair value --------- My answer is B. market value

  2. Economics

    What is an oligopoly? A. An agreement by a formal organization of producers to coordinate prices and production B A market structure in which a few large firms dominate the market C A market structure in which two firms have a

  3. economics

    suppose a competitive market consists of identical firms with a constant long run marginal cost of $10. Suppose the demand curve is given by q=1000-p a)What are the price and quantity consumed in the long run competitive

  4. Microeconomics [Urgent!]

    I have an exam tomorrow and I really need to know how you get the following answers. Please show me! I know it's a lot of questions, but I don't understand how you get the answer... ------------------ 40. At Nick's Bakery, the

  1. economics

    Suppose the market demand for good A given by Qd= 300 -20 P and the market supply for Good A is given by Qs=20P-100,where P=price of Good A. Q;Graph the supply and demand schedules for Good A using P5 through P15 as the value of

  2. micro economics

    1) Assume that the gold-mining industry is competitive. a) Illustrate a long-run equilibrium using diagrams for the gold market and for the a representative gold mine. b) Suppose that an increase in jewellery demand induces a a

  3. economy

    consider a perfectly competitive market in which all firms have the same costs. choose the statement that is incorrect a)the market demand is elastic at the market price b)each firm takes the market price as given and produces its

  4. economics

    A cloth producing firm in a perfectly competitive market has the following short-run total cost function: TC = 6000 + 400Q – 20Q2 + Q3. If the prevailing market price is birr 250 per unit of cloth, A. Should the firm produce at

You can view more similar questions or ask a new question.