which of the following is not characteristic of a monopolistically competitive firm in a long-run equilibrium...
which of the following is not characteristic of a monopolistically competitive firm in a long-run equilibrium a price is equal to marginal cost b marginal revenue is equal to marginal cost c the firm has excess capacity d price is equal to average revenue
Homework Answers
In the long run ,Price is equal to marginal cost is not a characteristic of a monopolistically competitive firm. Because P>MC in monopolistically competitive market in the long run. Hence, option(A) is correct.
Add Answer to:
which of the following is not characteristic of a
monopolistically competitive firm in a long-run equilibrium...
12. For a monopolistically competitive firm, the long-run equilibrium price a. is equal to marginal...
12. For a monopolistically competitive firm, the long-run equilibrium price a. is equal to marginal cost b. is above marginal cost c. is below marginal cost d. may be above, below, or equal to marginal cost, depending on the location of the marginal cost curve in relation to the average cost curve
A firm in a monopolistically competitive market makes no economic profit in the long run because...
A firm in a monopolistically competitive market makes no economic profit in the long run because a. long-run price will be equal to long run average cost. b. long-run price will be equal to long run marginal cost. c. long-run marginal cost will be equal to long run marginal revenue. d. long-run marginal cost will be too high to make any economic profit.
1. Which of the following is NOT a characteristic of a monopolistically competitive market?
1. Which of the following is NOT a characteristic of a monopolistically competitive market?A. many sellers.B. differentiated products.C. long-run economic profits.D. free entry and exit.2. Which of the following products is likely to be sold in a monopolistically competitive market?A. video games.B. breakfast cereal.E. beer.D. all of the above.3. Which of the following is true regarding the similarities and differences in monopolistic competition and monopoly?A. The monopolist faces a downward-sloping demand curve while the monopolistic competitor faces an elastic demand...
In comparing the long-run equilibrium of a monopolistically competitive firm and a perfectly competitive firm, which...
In comparing the long-run equilibrium of a monopolistically competitive firm and a perfectly competitive firm, which of the following is incorrect? Select one: a. they both produce at the minimum point of the average cost curve ob. the both produce at point where price equals average costs c. they both produce where MR = MC od. the both make zero economic profits e. none of the above. o
Suppose that a firm produces baseball bats in a monopolistically competitive market. The following graph shows...
Suppose that a firm produces baseball bats in a monopolistically competitive market. The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve.Place a block point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost.Because this market...
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...
Suppose that a firm produces wooden train engines in a monopolistically competitive market. The following graph...
Suppose that a firm produces wooden train engines in a monopolistically competitive market. The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve. Place a black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost. Because this...
In the long run, a profit-maximizing monopolistically competitive firm sets it price Multiple Choice above marginal...
In the long run, a profit-maximizing monopolistically competitive firm sets it price Multiple Choice above marginal cost. below marginal cost. equal to marginal revenue equal to marginal cost.
24) Which of the following is not a characteristic of a monopolistically competitive market? a) Long-run...
24) Which of the following is not a characteristic of a monopolistically competitive market? a) Long-run profits likely to be positive. b) Differentiated products. c) No barriers to entry. d) Many sellers.
In long run equilibrium, a competitive firm maximizes profits by a. producing an output level where...
In long run equilibrium, a competitive firm maximizes profits by a. producing an output level where marginal revenue equals marginal cost. b. charging a price equal to marginal revenue and marginal cost. c. charging a price where marginal cost equals average total cost. d. All of the above are correct.
In comparing the long-run equilibrium of a monopolistically competitive firm and a perfectly competitive firm, which of the following is incorrect? Select one: a. they both produce at the minimum point of the average cost curve ob. the both produce at point where price equals average costs c. they both produce where MR = MC od. the both make zero economic profits e. none of the above. o
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...
In the long run, a profit-maximizing monopolistically competitive firm sets it price Multiple Choice above marginal cost. below marginal cost. equal to marginal revenue equal to marginal cost.
Most questions answered within 3 hours.
-
You follow the lab procedure and at the end of Part 4C, you used
an average...
asked 4 minutes ago -
Write 250-450 words, about the following: • Analyze how a
servant leader in your organization or...
asked 8 minutes ago -
3. American and Japanese workers can each produce 4 cars a
year. An American worker can...
asked 11 minutes ago -
On October 1, 20X1, a company purchased a piece of land by
agreeing to pay the...
asked 23 minutes ago -
Jamie is doing a survey at her school about whether the students
feel the cafeteria food...
asked 28 minutes ago -
What are the roles of 3' and 5' untranslated regions in
mRNAs?
asked 29 minutes ago -
A domestic television receives antenna delivers a sky noise
power of -105 dBm to a matched...
asked 28 minutes ago -
What do you think are the chemical reactions involved in the
breathalyzer tests administered to potentially...
asked 43 minutes ago -
A random sample of 120 observations produces a mean of
38.2 from a population with a...
asked 50 minutes ago -
The average area of land burned by forest fires every year in
Canada is 2.5 million...
asked 52 minutes ago -
36. The basic difference between government bureaus and market
firms is that bureaus:
a. can...
asked 52 minutes ago -
java
- A recursive method findR() to search for a number in list
(ArrayList)
- A...
asked 1 hour ago