DQuestion 4 1 pts A market becomes more competitive as there

DQuestion 4 1 pts A market becomes more competitive as there are buyers and more more sellers. A market becomes more competitive as the product becomes more and more homoge neous and there are I Select ] potential sellers.

Solution

4) A market becomes more competitive as there are more and more buyers and more sellers.

Market becomes competitive when it produces homogenous good and there are many potential buyers.

5)Profit is maximised at quantity=6 because MC=MR. And after 6units MC>MR