A monopolistic competitor in long-run equilibrium is like a perfect competitor in that A. zero economic...
A monopolistic competitor in long-run equilibrium is like a perfect competitor in that
A.
zero economic profits are made.
B.
price equals marginal cost.
C.
both produce at the minimum points of their average total cost curves.
D.
price is greater than marginal cost.
Homework Answers
Ans: (A) Zero Economic profits are made. This point is similar in both markets in the long run. This is because when firms are earning profits, new firm enters and drives up the supply of good and profit level drops. So, in the long run, they make zero economic profits.
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A monopolistic competitor in long-run equilibrium is like a
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Question 18 (3 points) Long-run equilibrium in perfect competition and in monopolistic competition are similar because,...
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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...
please explain answers. unsure on #17 & #20 16 of 25 The first unit of an...
please explain answers. unsure on #17 &
#20
16 of 25 The first unit of an information product is produced at a high fixed cost Producing additional units entails relatively low total costs marginal and average variable cost. external cost. social cost 17 of 25 Long-run equilibrium is characterized by zero profits in e monopolistic competition only e perfect competition only 9 both perfect competition and monopolistic competition market structures in which there are barriers to entry. 20 of 25...
In the long run, all of the firms in a perfectly competitive industry will: exit the...
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A monopolistic competitor is similar to a monopolist in that: a. both earn positive economic profit...
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Which of the following statements are true concerning long run equilibrium? a: Price equals marginal cost. b: Price equals average total cost. c: Economic profits are greater than zero. Just a Just c a, b, and c Just a and b Just b
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please explain answers. unsure on #17 &
#20
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In the long run, all of the firms in a perfectly competitive industry will: exit the industry if price is greater than average total cost. produce at an output level at which average total cost equals marginal cost. earn an economic profit greater than zero. O produce an output level at which price is greater than average total cost. Which statement about the differences between monopoly and perfect competition is INCORRECT? A monopoly will charge a higher price and produce...
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