Which of the following is a typical f
eature of monopolistic
competition?
Homework Answers
Answer
Option 1
The firms try to differentiate the product from each other so the firms will have power over price and create brand value in the market.
The market has free entry and exit so the market, in the long run, earn zero economic profit but the firm produces less than MES level as the firms face downward-sloping demand curve so the MC=MR and ATC=P are on the output level where MC<ATC ad MES is at MC=ATC.
Add Answer to:
Which of the following is a typical feature of monopolistic
competition?
Question 4 0.25 pts 5....
QUESTION 1 Which of the following is not a characteristic of the monopolistic competition market structure?...
QUESTION 1 Which of the following is not a characteristic of the monopolistic competition market structure? Many sellers, each small in size relative to the overall market. Few sellers. Differentiated product. Easy, low-cost entry and exit. QUESTION 2 Which of the following is the best example of a monopolistic competitor? Wheat farmers. Restaurants. Air Canada. General Motors. QUESTION 3 In the long run, both monopolistic competition and perfect competition result in: a wide variety of brand-name choices for consumers. an...
Which is NOT a characteristic of monopolistic competition? A. few firms in the industry B. independence...
Which is NOT a characteristic of monopolistic competition? A. few firms in the industry B. independence of each firm's decisions C. lack of collusion among firms D. small share of market to each firm
1. How does the product in a monopolistic competition compare with the product in a competitive...
1. How does the product in a monopolistic competition compare with the product in a competitive market? 2. How does the seller’s demand curve in a monopolistic competition compare with the seller’s demand curve in competition? 3. Why will an monopolistic competitive firm only lose some of its customers, but not all when it raises its price? 4. What feature is the “hallmark” in monopolistic competition? 5. What short-run profit maximizing rule do monopolistic competitive firms follow? 6. If economic...
Step 1 Read the following scenario. Imagine a firm in monopolistic competition. A firm in monopolistic...
Step 1 Read the following scenario. Imagine a firm in monopolistic competition. A firm in monopolistic completion produces a product that you are familiar with, such as clothing and food. A monopolistic competition is a market in which: many firms compete each firm produces a product that is slightly different from products of other competing firms each firm competes on product quality, price, and marketing each firm is free to enter and exit the market Step 2 Use the scenario...
Question 20 10 pts Which of the following statements is false? Monopoly and competition are alike...
Question 20 10 pts Which of the following statements is false? Monopoly and competition are alike in that there is little or no product variety in either type of market. Monopoly and monopolistic competition result in average total cost above the minimum. A monopoly and a monopolistically competitive firm both result in a deadweight loss. Like a competitive firm, a monopolistically competitive firm makes a normal profit in the long run. Monopolistic competition and competition both produce a variety of...
Which of the following statements are true about both monopolistic competition and monopoly?
Which of the following statements are true about both monopolistic competition and monopoly? Check all that apply. Firms are not price takers. Price is above marginal cost. Firms can earn positive profit in the long run. Firms earn zero profit in the long run.
13. What is a feature common to both Monopolistic-Competition and Oligopoly type of markets? a. productive...
13. What is a feature common to both Monopolistic-Competition and Oligopoly type of markets? a. productive efficiency will occur in both the short run and long run, a desirable economic property of markets. b. many smaller sized firms can produce the good or service at lower cost per unit than larger sized firms, thus large firms fail in the long run. c. the demand curve for each firm is not going to be purely elastic, because products are at least...
13. What is a feature common to both Monopolistic-Competition and Oligopoly type of markets? a. productive...
13. What is a feature common to both Monopolistic-Competition and Oligopoly type of markets? a. productive efficiency will occur in both the short run and long run, a desirable economic property of markets. b. many smaller sized firms can produce the good or service at lower cost per unit than larger sized firms, thus large firms fail in the long run. c. the demand curve for each firm is not going to be purely elastic, because products are at least...
ID: T because the long-run economic 38. Monopolistic competition is simlar to because the way the...
ID: T because the long-run economic 38. Monopolistic competition is simlar to because the way the firm maximizes its profit. proft i s zero; similar to b. monopoly perfect competition Exhibit 10-5 Price MC ATC 39. To maximize profit in the short run, the monopolistic competitive firm in Exhibit 10-5 should a. produce 8 units b. shut down c. produce 10 units d. exit 40. To maximize profit in the short run, the monopolistic competitive firm in Exhibit 10-5 should...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm:...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm: Total Revenue equals $200 million. Variable Costs are $170 million. Fixed Costs equal $20 million. The firm is currently producing 2,000 products at the MC = MR point (and the MC curve is rising). What recommendation do you have for this firm? Assuming the firm's costs remain the same, the firm should produce fewer products in order to decrease its marginal costs. The profit...
Step 1 Read the following scenario. Imagine a firm in monopolistic competition. A firm in monopolistic completion produces a product that you are familiar with, such as clothing and food. A monopolistic competition is a market in which: many firms compete each firm produces a product that is slightly different from products of other competing firms each firm competes on product quality, price, and marketing each firm is free to enter and exit the market Step 2 Use the scenario...
Question 20 10 pts Which of the following statements is false? Monopoly and competition are alike in that there is little or no product variety in either type of market. Monopoly and monopolistic competition result in average total cost above the minimum. A monopoly and a monopolistically competitive firm both result in a deadweight loss. Like a competitive firm, a monopolistically competitive firm makes a normal profit in the long run. Monopolistic competition and competition both produce a variety of...
ID: T because the long-run economic 38. Monopolistic competition is simlar to because the way the firm maximizes its profit. proft i s zero; similar to b. monopoly perfect competition Exhibit 10-5 Price MC ATC 39. To maximize profit in the short run, the monopolistic competitive firm in Exhibit 10-5 should a. produce 8 units b. shut down c. produce 10 units d. exit 40. To maximize profit in the short run, the monopolistic competitive firm in Exhibit 10-5 should...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm: Total Revenue equals $200 million. Variable Costs are $170 million. Fixed Costs equal $20 million. The firm is currently producing 2,000 products at the MC = MR point (and the MC curve is rising). What recommendation do you have for this firm? Assuming the firm's costs remain the same, the firm should produce fewer products in order to decrease its marginal costs. The profit...
Most questions answered within 3 hours.
-
Industry: Telecommunications in India
Here, you need to discuss the sources of the growth pattern
and...
asked 7 minutes ago -
Hydrobromic acid
dissolves solid iron according to the followiaung reaction:
Fe(s)+2HBr(aq)→
FeBr2(aq)+ H2(g)
Part A. What...
asked 1 hour ago -
Verify the following vector identity in SPHERICAL
COORDINATES.
div(curl(A)) = 0
asked 3 hours ago -
The work function (Φ) for a metal is 7.50×10-19 J.
What is the longest wavelength (nm)...
asked 4 hours ago -
1. Would the following procedural changes cause the
calculated mass percent Ni2+ ion in Ni(NH3)nCl2 to...
asked 5 hours ago -
1. Why does the voltage of the capacitor vary with frequency?
where does this missing voltage...
asked 6 hours ago -
p p please write each step out clearly
3. A manager of a company is considering...
asked 5 hours ago -
On October 1, Ebony Ernst organized Ernst Consulting; on October
3, the owner contributed $83,540 in...
asked 7 hours ago -
A.)As an electron moves through a region of space, its speed
decreases from 9.60 × 106...
asked 7 hours ago -
In java with the netbeans program do:
Through object programming
Create a class "ContadorP", which is...
asked 7 hours ago -
Pattern Corporation acquired all of Science
Company's outstanding stock on January 1, 2016 for $600,000 cash....
asked 7 hours ago -
Here are all accounts Tyler Co. maintains.
Tax expenses $4,750
Common stocks $48,840
SG&A expenses $2,500...
asked 7 hours ago