please explain answers. unsure on #17 & #20
Homework Answers
Ans. 16) Marginal and Average Variable Cost = Due to the prices of Diminshing Marginal Cost.
17) Both perfect competition and monopolistic competition - This is because more firms would join the market in long run and profits would get distributed.
18) It's Average Total Cost curve is Tangent to the demand curve at the profit maximizing rate of output - This is because the monopolistic market is not efficient and this would make it impossible to earn economic profit in long run and the firm would break even.
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please explain answers. unsure on #17 &
#20
16 of 25 The first unit of an...
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