Question and answer
one of the four conditions for perfect competition is few sellers and buyers
Perfect Competition- A market structure in which the following five criteria are met: 1. All firms sell an identical product. 2. All firms are price-takers. 3. All firms have a relatively small market share. 4. [ Buyers know the nature of the product being sold and the prices charged by each firm. 5. The industry is characterized by freedom of entry and exit. These five requirements
rarely exist together in any one industry. As a result, perfect competition is rarely (if ever) observed in the real world. For example, most products have some degree of differentiation. Even with a product as simple as bottled water, for example, producers vary in the methodology of purification, product size, brand identity, etc. Commodities such as raw agricultural products, although they can still differ in terms of quality, come closest to being identical, or having zero differentiation. When a product does come to have zero differentiation, its industry is usually consolidated into a small number of large firms, or an oligopoly. Many industries also have significant barriers to entry, such as high startup costs (as seen in the auto manufacturing industry) or strict government regulations (as seen in the utilities industry), which limit the ability of firms to enter and exit such industries. And although consumer awareness has increased with the information age, there are still few industries where the buyer remains aware of all available products and prices. ]
Get an answer
Original conversation
User: one of the four conditions for perfect competition is few sellers and buyers

Weegy: Perfect Competition- A market structure in which the following five criteria are met: 1. All firms sell an identical product. 2. All firms are price-takers. 3. All firms have a relatively small market share. 4. [ Buyers know the nature of the product being sold and the prices charged by each firm. 5. The industry is characterized by freedom of entry and exit. These five requirements rarely exist together in any one industry. As a result, perfect competition is rarely (if ever) observed in the real world. For example, most products have some degree of differentiation. Even with a product as simple as bottled water, for example, producers vary in the methodology of purification, product size, brand identity, etc. Commodities such as raw agricultural products, although they can still differ in terms of quality, come closest to being identical, or having zero differentiation. When a product does come to have zero differentiation, its industry is usually consolidated into a small number of large firms, or an oligopoly. Many industries also have significant barriers to entry, such as high startup costs (as seen in the auto manufacturing industry) or strict government regulations (as seen in the utilities industry), which limit the ability of firms to enter and exit such industries. And although consumer awareness has increased with the information age, there are still few industries where the buyer remains aware of all available products and prices. ]
vjvswni|Points 40|

User: One of the four conditions for perfect competition is few sellers and buyers

Weegy: One of the four conditions for perfect competition is few sellers and buyers. This is FALSE. Perfect competition is characterized by many sellers and buyers.
andrewpallarca|Points 25917|

User: An efficient economy is one that

User: An efficient economy is what ?





Weegy: actually there's 6 of conditions and here it is
Expert answered|kingissolo|Points 0|

Question
Asked 10/4/2013 6:39:40 AM
0 Answers/Comments
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
17,902,714 questions answered
Popular Conversations
3x+3/18x= User: 10x+3/=
Weegy: this is quite simple, if you read over the question a few times and learn the tendencies. One number is ten ...
10/20/2014 5:27:08 PM| 5 Answers
Unfortunately, my mom told me it was time for my annual check ...
Weegy: Unfortunately, my mom told me it was time for my annual check up. Annual means yearly. User: Choose the ...
10/20/2014 4:18:03 PM| 4 Answers
Which value for x makes the sentence true? 8x = 3x 30
Weegy: 8x - 20 = 3x + 5; 8x - 3x = 5 + 20; 5x = 25; x = 25/5; x = 5 User: 7x - 5 = 3x + 11 Weegy: 8x + 3 = 7x - ...
10/20/2014 7:11:38 AM| 2 Answers
Which value for x makes the sentence true? 8x = 3x + 20
Weegy: 8x - 20 = 3x + 5; 8x - 3x = 5 + 20; 5x = 25; x = 25/5; x = 5 User: Which value of x makes the following ...
10/20/2014 7:16:30 AM| 2 Answers
Which value of x makes the following equation true? 3(x - 3) = -2x ...
Weegy: 6(x - 2) = -2x + 28 6x - 2 = -2x + 28 6x - 12 = 28 + 2x 8x - 12 = 28 8x = 28 + 12 8x = 40 x = 40/8 x = ...
10/20/2014 7:18:42 AM| 2 Answers
After the auditorium filled up,we seated about fifty people on the ...
Weegy: After the auditorium filled up, we seated about fifty people on the stage. The sentence structure is: ...
10/20/2014 9:35:49 AM| 2 Answers
When particles are moving between two phases and no net change in the ...
Weegy: When particles are moving between two phases and no net change in the amount of either phase occurs, ...
10/20/2014 10:33:23 AM| 2 Answers
Weegy Stuff
S
L
1
1
1
1
L
1
L
Points 2171 [Total 14546]| Ratings 0| Comments 2171| Invitations 0|Offline
S
L
1
L
P
C
1
P
C
1
L
Points 1393 [Total 10874]| Ratings 3| Comments 1363| Invitations 0|Offline
S
1
L
1
L
P
P
L
Points 752 [Total 12981]| Ratings 0| Comments 752| Invitations 0|Offline
S
L
Points 482 [Total 1881]| Ratings 0| Comments 482| Invitations 0|Offline
S
1
L
L
Points 455 [Total 6249]| Ratings 3| Comments 425| Invitations 0|Offline
S
Points 418 [Total 418]| Ratings 0| Comments 388| Invitations 3|Offline
S
Points 326 [Total 327]| Ratings 3| Comments 296| Invitations 0|Online
S
Points 197 [Total 197]| Ratings 1| Comments 187| Invitations 0|Offline
S
P
C
L
P
L
1
Points 48 [Total 6282]| Ratings 0| Comments 48| Invitations 0|Offline
S
Points 27 [Total 27]| Ratings 0| Comments 27| Invitations 0|Offline
Home | Contact | Blog | About | Terms | Privacy | Social | ©2014 Purple Inc.