What are the characteristics of a perfectly competitive market?

Healthcare Economics

Respond to one question by this Saturday midnight and then respond to TWO of your classmates’ responses (in an area different than your initial response) by Tuesday midnight.  Please try not to replicate other’s responses and include the topic you are responding to at the beginning of your post.

What are the characteristics of a perfectly competitive market?

What is the difference between variable and fixed costs, how do they change in short-run vs. long-run? Provide an example in healthcare.

What does increasing returns mean in the short-run? Provide an example of increasing returns?

From an economic perspective, at what point does a firm decide to shut-down? Explain.

When a market is perfectly competitive what does this imply about the supply curve and the price charged for a particular good?

What is the level of profits in the long-run in a perfectly competitive market? Explain why.

What is the difference between an economic and accounting profit?

What is the principle of diminishing marginal return?

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