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A: To find: Which of the following is NOT a characteristic of perfect competition?
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Q: Perfect competition is an extremely rare type of market in the real world. This is because the…
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Q: What is Perfect competition?
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- Elaborate the Perfect Competition Model in detail.Does perfect competition exist in real life?Tomas is the general manager for a local automated car wash. The market he operates is perfectly competitive. Every car wash in the area is charging $7 for a car wash, which is also the marginal cost per wash. What will happen to Tomas’ profits if he changed his price to $8. Why? What about a price of $5?
- If you're a manager in a highly competitive business such where should you put your most effort to maximize profit? Pricing or cost cutting?How a firm maximize it's profit?Tomas is the general manager for a local automated car wash. The market he operates is perfectly competitive. Every car wash in the area is charging $7 for a car wash, which is also the marginal cost per wash. What will happen to Tomas’ profits if he changes his price to $8. Why? What about the price of $5? What is his profit-maximizing price?