Homework Answers
This statement is true
We use the marginal revenue and marginal cost functions to predict the profit-maximizing behaviour of firms which is relevant for every market structure. This is because profit is maximum when marginal revenue and marginal cost is equal to each other. all market structures have marginal revenue and marginal cost functions due to which same tools can be used to study oligopolies which are used to study competition and monopolistic competitive market.
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To analyze oligopolies we can use the same tools used to analyze perfect competition and monopolistic...
In perfect competition as well as in monopolistic competition, a. profit is positive in a long-run...
In perfect competition as well as in monopolistic competition, a. profit is positive in a long-run equilibrium for each firm. b.entry and exit by firms are restricted. c. there are many firms in a single market. d. marginal revenue is equal to price for each firm. ECTION 22 Monopolistic competition differs from perfect competition because in monopolistically competitive markets a. all firms can eventually earn economic profits. b. each of the sellers offers a somewhat different product. C. strategic interactions...
1. Competition (40 points) a. Describe perfect competition, monopoly and oligopolies and the relationship between marginal...
1. Competition (40 points) a. Describe perfect competition, monopoly and oligopolies and the relationship between marginal costs, marginal revenue and the price levels at equilibrium within each type of these markets (Using graphs might be helpful). b. Under what conditions do oligopolies function like perfect competition or monopolies? Explain in detail. Can we ever observe perfectly competitive markets or tendency towards them in the real world? Why, why not? C.
QUESTION 4 Perfect competition differs from monopolistic competition primarily because o in perfect competition, price is...
QUESTION 4 Perfect competition differs from monopolistic competition primarily because o in perfect competition, price is a decision variable. in perfect competition, firms have homogeneous products. O in monopolistic competition, entry into the industry is limited. in monopolistic competition, there are many firms in the industry.
Monopolistic competition differs from perfect competition primarily because in monopolistic competition, entry into the industry is...
Monopolistic competition differs from perfect competition primarily because in monopolistic competition, entry into the industry is blocked. in monopolistic competition, there are relatively few barriers to entry. in monopolistic competition, firms can differentiate their products. in perfect competition, firms can differentiate their products. Health care (patients per year) с 4 D 0 Education (students per year) In the figure above, point Dis not production efficient and point Bis production efficient. production efficient and point B is not production efficient. production...
1.All types of industry structures – competitive markets, monopolies, oligopolies, monopolistic competition, and cartels all strive...
1.All types of industry structures – competitive markets, monopolies, oligopolies, monopolistic competition, and cartels all strive to reach the point where MC = MR. This statement is true. This statement is false. We do not have enough information to conclude if this is true or false. MR=MC has no practical applications and is just a theory. 2.Should non-profit firms be concerned with the MC=MR profit maximization formula? Non-profit firms do not need to calculate this formula and it will not...
Compare Monopolistic competition and perfect competition in terms of 1. The way they compete with other...
Compare Monopolistic competition and perfect competition in terms of 1. The way they compete with other businesses 11. Their profits in the short and long run 111. The efficiency in which they use resources
One thing that makes monopolistic competition similar to perfect competition is that, in the a short...
One thing that makes monopolistic competition similar to perfect competition is that, in the a short run, neither can earn positive economic profit. b long run, both are guaranteed positive economic profit. c long run, both will earn zero economic profit. d short run, both are guaranteed positive economic profit. e long run, both could earn positive economic profit, but monopolistic competitors will earn more than perfect competitors. Refer to the following graph to answer the following questions: In the...
Question 18 (3 points) Long-run equilibrium in perfect competition and in monopolistic competition are similar because,...
Question 18 (3 points) Long-run equilibrium in perfect competition and in monopolistic competition are similar because, in both, firms: make zero economic profit. O have excess capacity. O produce at the minimum point of the average total cost curve. Oset price equal to marginal cost.
Which of the following conditions distinguishes monopolistic competition from perfect competition?
Which of the following conditions distinguishes monopolistic competition from perfect competition? a. the number of sellers in the market b. the freedom of entry and exit by firms in the market c. the size of firms in the market d. product differentiation A monopolistically competitive firm chooses its a. price and quantity just as a monopoly does. b. quantity but faces a horizontal demand curve just as a competitive firm does. c. price but can sell any quantity at the market price just as an oligopoly does. d. price...
Which of the following is not true of both firms in monopolistic competition and firms in...
Which of the following is not true of both firms in monopolistic competition and firms in perfect competition? A. Both types of firms produce at minimum ATC. B. Both types of firms produce where MC MR. C. Both types of firms have the possibility of short-run economic profits or losses. O D. Both types of firms can earn zero economic profits in long-run equilibrium
In perfect competition as well as in monopolistic competition, a. profit is positive in a long-run equilibrium for each firm. b.entry and exit by firms are restricted. c. there are many firms in a single market. d. marginal revenue is equal to price for each firm. ECTION 22 Monopolistic competition differs from perfect competition because in monopolistically competitive markets a. all firms can eventually earn economic profits. b. each of the sellers offers a somewhat different product. C. strategic interactions...
1. Competition (40 points) a. Describe perfect competition, monopoly and oligopolies and the relationship between marginal costs, marginal revenue and the price levels at equilibrium within each type of these markets (Using graphs might be helpful). b. Under what conditions do oligopolies function like perfect competition or monopolies? Explain in detail. Can we ever observe perfectly competitive markets or tendency towards them in the real world? Why, why not? C.
QUESTION 4 Perfect competition differs from monopolistic competition primarily because o in perfect competition, price is a decision variable. in perfect competition, firms have homogeneous products. O in monopolistic competition, entry into the industry is limited. in monopolistic competition, there are many firms in the industry.
Monopolistic competition differs from perfect competition primarily because in monopolistic competition, entry into the industry is blocked. in monopolistic competition, there are relatively few barriers to entry. in monopolistic competition, firms can differentiate their products. in perfect competition, firms can differentiate their products. Health care (patients per year) с 4 D 0 Education (students per year) In the figure above, point Dis not production efficient and point Bis production efficient. production efficient and point B is not production efficient. production...
Question 18 (3 points) Long-run equilibrium in perfect competition and in monopolistic competition are similar because, in both, firms: make zero economic profit. O have excess capacity. O produce at the minimum point of the average total cost curve. Oset price equal to marginal cost.
Which of the following is not true of both firms in monopolistic competition and firms in perfect competition? A. Both types of firms produce at minimum ATC. B. Both types of firms produce where MC MR. C. Both types of firms have the possibility of short-run economic profits or losses. O D. Both types of firms can earn zero economic profits in long-run equilibrium
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