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پرسشهای یکی از دوستان - بخش دوم

نویسنده: ابتهاج | تاریخ: 24 خرداد 1393 | بازدیدها: 3013

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بخش دوم پرسشها
پرسش چهارم: Why do economists say that competitive market results in ‘Efficient allocation’ of resource? What is the mechanism ensuring the ‘efficient allocation of resource’?
پاسخ: Perfect competition is an idealized market structure that achieves an efficient allocation of resources. This efficiency is achieved because the profit-maximizing quantity of output produced by a perfectly competitive firm results in the equality between price and marginal cost. In the short run, this involves the equality between price and short-run marginal cost. In the long run, this is seen with the equality between price and long-run marginal cost at the minimum efficient scale of production.
The conditions of perfect competition, including: (1) large number of small firms, (2) identical products sold by all firms, (3) freedom of entry into and exit out of the industry, and (4) perfect knowledge of prices and technology, ensure that perfect competition efficiently allocates resources. In fact, this is a primary role of perfect competition: a market structure that illustrates perfection, the best of all possible resource allocation worlds.
An efficient allocation of resources is achieved if it is not possible to increase society's overall level of satisfaction by producing more of one good and less of another good. Such efficiency is achieved by a firm if the price of a good is equal to the marginal cost of production.
In a typical market economy no single agent can maneuver prices because of limited market power. Prices are determined in the market through the interaction of demand and supply and it corresponds to an equilibrium where supply is fixed. On the one hand, consumers with their limited income seek to maximize their satisfaction and on the other, producers’ desire to maximize profits compels them to reduce costs and increase productivity by adopting innovative technology. “A properly functioning market system would tend to stimulate both economic efficiency and economic growth. And it is important to note that the market does this automatically, while it requires no big administrative apparatus, no central decision making, and very little policing other than the provision of a legal system for the enforcement of contracts.”
All the three conditions of economic efficiency elaborated in the previous section can be achieved in a perfectly competitive economy and this is called the first theorem of welfare economics. All producers pay factors of production according to the value of their marginal products. In other words, prices equal marginal costs. Consumers equate MRS of a pair of goods with respective relative prices. Finally, market clears with no excess demand. In the long run each firm operates at the lowest average cost. Thanks
to free entry of firms who are lured by above normal profits earned by existing firms in the short run.


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پرسش پنجم: Explain why MC curve itself is the supply curve for a competitive firm?
پاسخ: A perfectly competitive firm's supply curve is that portion of its marginal cost curve that lies above the minimum of the average variable cost curve. A perfectly competitive firm maximizes profit by producing the quantity of output that equates price and marginal cost. As such, the firm moves along its positively-sloped marginal cost curve in response to changing prices.
A perfectly competitive firm maximizes profit by producing the quantity of output that equates marginal revenue and marginal cost. In that price equals marginal revenue for a perfectly competitive firm, price is also equal to marginal cost. In other words, the firm produces by moving up and down along its marginal cost curve. The marginal cost curve is thus the perfectly competitive firm's supply curve.
Because the marginal cost curve is positively sloped due to the law of diminishing marginal returns, so too is the firm's supply curve. And because all firms in a perfectly competitive industry have positively-sloped marginal cost curves, the market supply curve for the entire industry is also positively sloped.
پرسش پنجم


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موضوعات: اقتصاد, اقتصاد عمومی, English

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