Answer: False
Explanation: In simple words, competitive market refers to the market structure in which there are large number of buyers and sellers, individual operating at a small level.
Due to the high number of buyers and sellers in the market no individual participant is able to impact or fix prices. All the buyers and sellers have to trade on prices that are determined by the market forces of demand and supply.
Consumers are price takers in such a market as no individual consumer has the ability to trade in all of the stocks and one only deals with a minor portion of the total business available. Thus, from the above we can conclude that the given statement is incorrect.
The condition for a profit maximising point is where MR = MC.
When MR is greater than MC, the firm should increase production to take hold of the extra profit, therefore Mara should increase production.
Answer:
The correct answer is B
Explanation:
Resources are used efficiently in the sunhat market because when marginal social benefit equals marginal social cost, total surplus is maximized. Thus, From the given four options only the option B is the correct option.
MSC = Marginal Social cost
MSB = Marginal Social Benefit
It is becuase in the competitive market, the quantity that is supplied in the market in same to the quantity which is demanded.
D because in the cover letter its more like a interview where you talk about yourself rather than only talking about your strengths and weaknesses and what your applying for
A) Producing the combination of goods most desired by society
