Exam (elaborations)
ECS1501 ASSIGNMENT 10 SEMESTER 2 2023
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This document contains ECS1501 ASSIGNMENT 10 Questions and trusted answers.
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UNISA 2023 ECS1501-23-S2 Assessments Assessment 10QUIZ
Started on Tuesday, 24 October 2023, 8:56 AM
State Finished
Completed on Thursday, 26 October 2023, 7:18 PM
Time taken 2 days 10 hours
Marks 11.00/12.00
Grade 91.67 out of 100.00
Question 1
I confirm
Complete
that this assessment will be my own individual work;
Not graded
that I will not communicate with anyone else in any way during the completion of this
assessment;
that I will not cheat in any way in completing and submitting this assessment.
I confirm.
I do not confirm.
, Question 2 In a perfectly competitive market,
Complete
Mark 1.00 out of there can be few or many buyers and sellers.
1.00
the price can be driven upward by suppliers holding back on goods and services.
government intervention is needed to ensure that prices are fair for consumers.
each participant is too small to affect the market price.
In a perfectly competitive market, there are many buyers and sellers, all of whom are
small relative to the size of the market. This market structure is characterised by
several key features:
1. Many Buyers and Sellers: There are numerous buyers and sellers in the market,
and no single buyer or seller has the power to influence the market price. Each
buyer and seller is a price taker, meaning they accept the market price as given
and cannot change it.
2. Homogeneous Products: The products or services sold in a perfectly
competitive market are homogeneous (meaning they are identical and
indistinguishable from one another).
3. Perfect Information: All buyers and sellers in a perfectly competitive market
have access to perfect information. T
4. Free Entry and Exit: There are no barriers to entry or exit in the market.
5. Firms are Price Takers: Each firm in a perfectly competitive market is so small
compared to the overall market that its actions cannot affect the market price.
Therefore, each firm accepts the market price as given and adjusts its quantity
of output to maximise profits at that price.
6. Profit Maximisation: Firms in a perfectly competitive market aim to maximise
profits.
7. No government intervention: The market answers the questions What? How?
and For whom?
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