Answer to Question #99329 in Microeconomics for Sofia

Answer to Question #99329 in Microeconomics for Sofia

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Question #99329

Suppose the market of carpets is competitive. A typical firm producing carpets has the following total cost function.

Expert’s answer

A competitive market is when there are many producers competing to provide consumers with the goods and services needed. In a competitive market, no single producer or consumer can dictate the market. All competitive markets share five characteristics: profit, diminishability, rivalry, excludability, and rejectability.

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