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Which of the following is NOT a characteristic of a perfectly competitive market?
Which of the following is NOT a characteristic of a perfectly competitive market?
In a perfectly competitive market, firms are price makers because they can influence market prices by altering their output levels.
In a perfectly competitive market, firms are price makers because they can influence market prices by altering their output levels.
False (B)
Explain how the entry of new firms affects the existing firms' profits in a perfectly competitive market.
Explain how the entry of new firms affects the existing firms' profits in a perfectly competitive market.
The entry of new firms reduces the existing firms' profits.
In a perfectly competitive market, firms achieve allocative efficiency because price equals __________.
In a perfectly competitive market, firms achieve allocative efficiency because price equals __________.
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Match each characteristic with the market structure it best describes:
Match each characteristic with the market structure it best describes:
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Study Notes
GATE Solution in Mining Engineering
- This book contains solved questions from the GATE exam in Mining Engineering, covering the years 2015 to 2007.
- It is authored by RUPESH KUMAR SAHU.
- The book is published by LOVELY PRAKASHAN, DHANBAD.
Solved Questions (Examples)
- Active Support: Hydraulic props are considered active support in underground coal mines.
- Overriding of Pillars: Massive sandstone in the immediate roof of a coal mine can cause pillar overriding.
- Roof Fall in a Tunnel: The relative level of the roof station in a tunnel can be calculated by analyzing bench marks, floor, and staff readings.
- Angle of Intersection with Contours: The angle at which a ridge line intersects contours is 90°.
- Drum Hoisting System: In a drum hoisting system, detaching hooks prevent overwinding .
- Lapse Rate: If the atmospheric temperature drops more than 1°C per 100m, it is considered superadiabatic lapse rate.
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Description
Examine the characteristics of a perfectly competitive market, including the impact of new firms entering the market. Explore how firms achieve allocative efficiency and assess their role as price makers or takers.
