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.
21,760,121 questions answered
Popular Conversations
5. What is the correct order of the four steps of the writing ...
Weegy: A. revise. User: 6. The past tense of the verb drive is A. drove. B. droved. C. drived. D. driven.
7/31/2015 6:30:58 AM| 3 Answers
Mammals first appeared during the ______. a. Cenozoic ...
Weegy: Mammals first appeared during the TRIASSIC PERIOD.
7/30/2015 8:10:19 AM| 2 Answers
What is an example of adding energy to a substance and causing a ...
Weegy: A. heating a rock to make it hot User: A color change happens during an experiment mixing two liquids. Is ...
7/30/2015 12:32:38 PM| 2 Answers
Constantine was the first Christian ruler of Rome.
Weegy: CONSTANTINE was the first Christian ruler of Rome. User: A stele is an upright stone slab that is ...
7/30/2015 2:55:13 PM| 2 Answers
Write -2x 2(-5x 2 +4x 3) in standard form.
7/30/2015 3:10:48 PM| 2 Answers
Which of the following statements is true? Both photosynthesis ...
Weegy: Photosynthesis and cellular respiration are the two main processes performed by most living organisms to obtain ...
7/30/2015 4:56:50 PM| 2 Answers
4. Which one of the following word or words is an example of a ...
Weegy: A. Because User: 5. What is the simple subject of the following sentence? During the night, the frightened ...
7/30/2015 8:42:51 PM| 2 Answers
Weegy Stuff
S
1
L
Points 868 [Total 1379]| Ratings 1| Comments 858| Invitations 0|Offline
S
P
C
L
P
L
1
P
P
1
P
1
P
L
Points 784 [Total 10318]| Ratings 3| Comments 734| Invitations 2|Offline
S
L
L
Points 348 [Total 8548]| Ratings 5| Comments 298| Invitations 0|Offline
S
Points 296 [Total 296]| Ratings 1| Comments 286| Invitations 0|Offline
S
Points 201 [Total 201]| Ratings 1| Comments 191| Invitations 0|Offline
S
1
L
L
Points 83 [Total 8463]| Ratings 0| Comments 83| Invitations 0|Offline
S
Points 77 [Total 77]| Ratings 0| Comments 77| Invitations 0|Offline
S
Points 50 [Total 50]| Ratings 3| Comments 20| Invitations 0|Offline
S
Points 41 [Total 41]| Ratings 2| Comments 21| Invitations 0|Offline
S
Points 19 [Total 319]| Ratings 0| Comments 19| Invitations 0|Offline
Home | Contact | Blog | About | Terms | Privacy | Social | ©2015 Purple Inc.