ericajanelle5401 ericajanelle5401

04-11-2022
Business

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which of the following firms is the closest to being a perfectly competitive firm? a. a hair stylist in new york b. the campus bookstore c. ford motor company d. microsoft corporation

Answer :

ogorwyne ogorwyne

07-11-2022

Option A. A hair stylist in new york is the closest to being a perfectly competitive firm

What is a perfectly competitive firm?

A hypothetical market system is referred to as perfect competition. Perfect competition offers a valuable model for illustrating how supply and demand influence pricing and behavior in a market economy, despite perfect competition seldom occurring in actual markets.

There are numerous buyers and sellers in a market with perfect competition, and prices always reflect supply and demand. Companies only make as much money as is necessary to stay in operation. Other businesses would enter the market and reduce revenues if they were to make excessive profits.

In this type of scenario, a sizable number of producers and customers are in competition with one another.
Theoretically, a market with perfect competition is not monopolistic.
Each genuine market can be categorized as imperfect since they all occur outside of the plane of the ideal competition model.
Imperfect competition, which occurs when a market deviates from the ideals of neoclassical pure or perfect competition, is the antithesis of perfect competition.

Read more on the perfectly competitive firm here: https://brainly.com/question/1748396

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