GIVE A THOROUGH EXPLANATION FOR WHY THIS STATEMENT IS TRUE & PROVIDE A RELEVANT GRAPH 5....
GIVE A THOROUGH EXPLANATION FOR WHY THIS STATEMENT IS TRUE & PROVIDE A RELEVANT GRAPH
5. MRP is downward sloping in both perfectly and imperfectly competitive industries, but is steeper in imperfectly competitive industry.
6. MRP = VMP only in perfectly competitive industry
Homework Answers
5. True
in both perfectly and imperfectly competitive market, MRP is downward sloping because MRP is marginal revenue*MPL
MPL is downward sloping in both market but MRP is more steeper in imperfectly competitive market because of decreasing marginal revenue curve.
MRPL=MP*MR
6)True because in case of perfect competition only, MRP=VMP
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GIVE A THOROUGH EXPLANATION FOR WHY THIS STATEMENT IS
TRUE & PROVIDE A RELEVANT GRAPH
5....
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possible, thank you so much!
7. Which ones of the followings are true in perfectly competitive markets? (a) The industry demand curve is flat. (b) Firms' marginal revenue is constant as quantity varies. (c) From a firm's perspective, its price elasticity of demand is zero. 8. Which ones of the followings are true about firms’ short-run behavior in a perfectly competitive market? (a) Firms shut down whenever profit is negative. (b) Firms...
Can someone give a thorough explanation of why? Thank you so
much!!
4. If V is known at only a single point in space, can E be found at that point? Explain your answer.
1-4. Need help. Thanks
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