Question

Is the statement correct or incorrect: "an industry can only compete successfully in world markets if it has a large home market for its output." 

          Is the statement correct or incorrect: "an industry can only compete successfully in world markets if it has a large home market for its output."

Added by Todd W.

Principles of Economics
Principles of Economics
Gregory Mankiw 8th Edition
AceChat toggle button
Close icon
Ace pointing down

Please give Ace some feedback

Your feedback will help us improve your experience

Thumb up icon Thumb down icon
Thanks for your feedback!
Profile picture
Is the statement correct or incorrect: "an industry can only compete successfully in world markets if it has a large home market for its output."
Close icon
Play audio
Feedback
Powered by NumerAI
David Collins Danielle Fairburn
Jennifer Stoner verified

Jennifer Stoner and 59 other subject Microeconomics educators are ready to help you.

Ask a new question
*

Labs

-

Want to see this concept in action?

NEW

Explore this concept interactively to see how it behaves as you change inputs.

View Labs
*

Key Concepts

-
Key Concept
Premium Feature
Explore the core concept behind this problem.
Play button
Key Concept
Premium Feature
Explore the core concept behind this problem.
Your browser does not support the video tag.
*

Recommended Videos

-
how-much-actual-competition-occurs-in-perfectly-competitive-markets-some-make-the-claim-that-there-is-actually-no-competition-between-firms-in-a-perfectly-competitive-market-do-you-agree-or-75499

how much actual competition occurs in perfectly competitive markets? Some make the claim that there is actually no competition between firms in a perfectly competitive market. Do you agree or disagree with this claim. What is your reasoning?

Jennifer S.
which-statement-is-most-accuratea-markets-can-sometimes-failb-markets-can-theoretically-fail-but-not-in-realityc-market-failure-is-a-mythd-market-failure-is-an-unproven-hypothesis-95753

Which statement is most accurate? A. Markets can sometimes fail. B. Markets can theoretically fail, but not in reality. C. Market failure is a myth. D. Market failure is an unproven hypothesis.

Haricharan G.
which-of-the-following-statements-is-not-correct-trade-has-the-potential-to-benefit-all-nations-trade-does-not-allow-for-specialization-trade-allows-nations-to-consume-outside-of-their-production-poss

Which of the following statements is NOT correct? Trade has the potential to benefit all nations Trade does not allow for specialization Trade allows nations to consume outside of their production possibilities curves Comparative advantage is the driving force of specialization.

Mauya M.
*

Recommended Textbooks

-
Principles of Economics

Principles of Economics

Gregory Mankiw 8th Edition
achievement 1,200 solutions
Principles of Microeconomics for AP® Courses

Principles of Microeconomics for AP® Courses

Steven A. Greenlaw, David Shapiro, Timothy Taylor 2nd Edition
achievement 1,542 solutions
Economics

Economics

Michael Parkin 12th Edition
achievement 1,490 solutions
*

Transcript

-
00:01 How much actual competition occurs in perfectly competitive markets? some make the claim that there is actually no competition between firms in a perfectly competitive market.
00:10 Do you agree or disagree with this claim? and what is your reasoning? perfect competition is a market where all firms sell identical products and being the price takers serve only a small share of the market.
00:33 So all firms sell identical products and they are price takers.
00:49 The industry is also characterized by the freedom of exit and entry.
01:02 In other words, in perfect competition, there are not high cost barriers to entering into the market or to leaving the market.
01:14 Finding all these requirements simultaneously in the world is difficult.
01:22 So perfect competition, nothing in life is perfect...
Need help? Use Ace
Ace is your personal tutor. It breaks down any question with clear steps so you can learn.
Start Using Ace
Ace is your personal tutor for learning
Step-by-step explanations
Instant summaries
Summarize YouTube videos
Understand textbook images or PDFs
Study tools like quizzes and flashcards
Listen to your notes as a podcast
Continue solving this problem
Create a free account to:
  • View full step-by-step solution
  • Ask follow-up questions with Ace AI
  • Save progress and study later
Continue Free
Join the community

18,000,000+

Students on Numerade

Trusted by students at 8,000+ universities

Numerade

Get step-by-step video solution
from top educators

Continue with Clever
or



By creating an account, you agree to the Terms of Service and Privacy Policy
Already have an account? Log In

A free answer
just for you

Watch the video solution with this free unlock.

Numerade

Log in to watch this video
...and 100,000,000 more!


EMAIL

PASSWORD

OR
Continue with Clever