True or False 2.8. A perfectly competitive industry can be in equilibrium only if all the...
True or False
2.8. A perfectly competitive industry can be in equilibrium only
if all the firms are
earning economic profit.
2.9. Under monopolistic competition, there is an incentive for
sellers to advertise
their products.
2.10. The marginal revenue product (MRP) curve represents the
demand for labour.
Homework Answers
8.False.
The market can be in equilibrium when all firms are earning zero economic profit.
9.True.
There are huge advertisement costs involved in monopolistic competition.Producers differentiate their products through advertisements.
10.True.
The MRP curve for labour is the demand curve for labour.
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True or False
2.8. A perfectly competitive industry can be in equilibrium only
if all the...
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QUESTION 7 Monopolistic competitive firms in the long run earn: positive economic profits. zero pure economic...
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If the donut industry is perfectly competitive and is in long-run equilibrium, then the price of...
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In the long run, all of the firms in a perfectly competitive industry will: exit the...
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TRUE/FALSE QUESTIONS Consider the following list of statements. Each statement is either true or false. You...
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please answer and explain
21) If all firms in a perfectly competitive industry are experiencing economic losscs, then: 21 A) sume fins will exit the industry, until sconoinic profit is positive B) soitie firms will exit the industry, uieic profit equals zero. C) some firms will exit the indusiry, until accounting prolfit equals zero. D) all existing firms will stay in the industry, hoping for better times. 23) If the market fur huiler is perfectly competit A) upward sloping. B)...
1 Price The figure below captures a firm in a perfectly competitive industry. MC ATC AVC...
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1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal to marginal revenue. d. price is less than marginal revenue. e. average total cost equals marginal cost. Both competitive and monopolistically competitive firms a. can maximize profit by raising price. b. cannot control or set their own price c. can maximize profit by producing to...
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please answer and explain
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