A firm has a competitive advantage when it a. Produces outputs from inputs efficiently b. Obtains...
- A firm has a competitive advantage when it
a. Produces outputs from inputs efficiently
b. Obtains higher rates of economic profitability than rival firms within the same market
c. Has a large market share
d. All of the above statements are correct
e. Only answers b and c are correct
Homework Answers
"D"
all the above statements are correct, a firm in the market will have a competitive advantage if the produce the goods efficiently and has a large market share and high high profitability.
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A firm has a competitive advantage when it
a. Produces outputs from inputs
efficiently
b. Obtains...
a) Why is a monopolistically competitive firm less efficient than a perfectly competitive firm? It produces...
a) Why is a monopolistically competitive firm less efficient than a perfectly competitive firm? It produces at an output that is lower than its minimum efficient scale (MES) It earns positive economic profits in the long run It deters entry of new firms by putting up entry barriers All of the answers are correct b) Suppose a monopolistically competitive firm has MC=4Q+5. Its demand is P=145-3Q and marginal revenue is MR=145-6Q. What is its profit-maximizing output level? 17 14 16...
15. Which of the following is a true statement about the difference between a price-taker firm and a competitive price-s...
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Suppose there is a monopolistically competitive market with n identical firms, such that each firm produces the same quantity, q. Further, the market is in the monopolistically competitive long-run e...
Suppose there is a monopolistically competitive market with n identical firms, such that each firm produces the same quantity, q. Further, the market is in the monopolistically competitive long-run equilibrium. You are given the following: Inverse market demand: P 10-Q Total market output: Qnxq Marginal revenue: MR 10n+ 1)xq Total cost: C(q)-5+q Marginal cost: MC 2xq In long-run equilibrium, each firm earns zero economic profit. In long-run equilibrium, the number of firms, n, is and each firm produces units) of...
TU) UdlIT IS. In a perfectly competitive market: each firm produces a unique product and chooses a price that maximize...
TU) UdlIT IS. In a perfectly competitive market: each firm produces a unique product and chooses a price that maximize there are very few firms, and each controls a large segment of the market. entry into the industry is restricted in the long run. there are many relatively small firms, and each firm is a price-taker. c. t If a firm is a price-taker, it: sells its product at the price determined by the market. sells its product at the...
1) Compared with a purely competitive industry, a monopolist produces a. more output at a lower...
1) Compared with a purely competitive industry, a monopolist produces a. more output at a lower price. b. less output at a higher price. c. more output at a higher price. d. less output at a lower price. 2) Which one of the following statements about monopoly firms and firms in a purely competitive industry is true? a. In the long run, monopoly firms and firms in a purely competitive industry operate at the minimum point of their average total...
Which of the following statements is true of a monopolistically competitive firm? a. It produces more...
Which of the following statements is true of a monopolistically
competitive firm?
a. It produces more than a perfectly competitive firm.
b. Its profits are protected by significant barriers to
entry.
c. It charges lower prices than a perfectly competitive
firm.
d. It earns positive economic profits in the long run.
e. It faces a downward sloping demand curve.
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Which of the following statements is false? B D Cost and Price E F Quantity Point B shows the level...
12. If the demand curve of a competitive firm is tangent to the low point on...
12. If the demand curve of a competitive firm is tangent to the low point on the AVC curve, the firm’s profits are the same whether it shuts down or produces. True or False? 13. Monopolistic competition is common in a. retail selling b. farming c. basic manufacturing d. electric power generation 14. The SR market supply curve for a competitive industry is obtained by a. horizontally summing the SRMC curves (above AVC) of all...
When a firm in a competitive market produces 11 units of output, it has a marginal...
When a firm in a competitive market produces 11 units of output, it has a marginal revenue of $9.00. What would be the firm's total revenue when it produces 8 units of output? Select one: O a. $48.00 O b. $72.00 O c. $6.00 d. $4.80
the typical firm in the United States economy (x) has some degree of market power. (y)...
the typical firm in the United States economy (x) has some degree of market power. (y) sells its product for a price that is equal to the marginal cost of producing the last unit. (z) is imperfectly competitive. A. (x), (y) and (z) B. (x) and (y) only C. (x) and (z) only D. (y) and (z) only E. (y) only 2. Which of the following statements is (are) correct? (x) Monopolistic competitive markets consist of many sellers with differentiated...
Suppose a perfectly Competitive firms minimum average variable cost is $1 when it produces 50. If...
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Suppose there is a monopolistically competitive market with n identical firms, such that each firm produces the same quantity, q. Further, the market is in the monopolistically competitive long-run equilibrium. You are given the following: Inverse market demand: P 10-Q Total market output: Qnxq Marginal revenue: MR 10n+ 1)xq Total cost: C(q)-5+q Marginal cost: MC 2xq In long-run equilibrium, each firm earns zero economic profit. In long-run equilibrium, the number of firms, n, is and each firm produces units) of...
TU) UdlIT IS. In a perfectly competitive market: each firm produces a unique product and chooses a price that maximize there are very few firms, and each controls a large segment of the market. entry into the industry is restricted in the long run. there are many relatively small firms, and each firm is a price-taker. c. t If a firm is a price-taker, it: sells its product at the price determined by the market. sells its product at the...
Which of the following statements is true of a monopolistically
competitive firm?
a. It produces more than a perfectly competitive firm.
b. Its profits are protected by significant barriers to
entry.
c. It charges lower prices than a perfectly competitive
firm.
d. It earns positive economic profits in the long run.
e. It faces a downward sloping demand curve.
.
Which of the following statements is false? B D Cost and Price E F Quantity Point B shows the level...
When a firm in a competitive market produces 11 units of output, it has a marginal revenue of $9.00. What would be the firm's total revenue when it produces 8 units of output? Select one: O a. $48.00 O b. $72.00 O c. $6.00 d. $4.80
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