In theory, in the long run, monopolistically competitive firms earns zero profits. However, in reality there...
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In theory, in the long run, monopolistically competitive firms
earns zero profits. However, in reality there...
16. If firms in a monopolistically competitive market are earning positive profits, then a. firms will likely be su...
16. If firms in a monopolistically competitive market are earning positive profits, then a. firms will likely be subject to regulation. b. barriers to entry will be strengthened. c. some firms will exit the market. d. new firms will enter the market. 17. As new firms enter a monopolistically competitive market, profits of existing firms a. rise, and product diversity in the market decreases. b. decline, and product diversity in the market increases. c. rise, and product diversity in the...
In the (short, long) run, monopolistically competitive firms will make (large,zero,or small) economics profits- that is,...
In the (short, long) run, monopolistically competitive firms will make (large,zero,or small) economics profits- that is, they will make a (normal, disappointing), rate of return. Pick the answers out of the choices in the parentheses.
Your textbook states that, in the long run, representative firms in monopolistically competitive markets will just...
Your textbook states that, in the long run, representative firms in monopolistically competitive markets will just break even --- that is, earn zero economic profits. Yet some firms in highly competitive markets manage to continue to earn economic profits indefinitely. For example, perfumes, cosmetics, and hair care firm L’Oreal, in business since 1907, remains highly profitable today, despite competing in fiercely competitive product categories. How has L’Oreal managed to stay profitable for so long (clue: they have a research and...
Your textbook states that, in the long run, representative firms in monopolistically competitive markets will just...
Your textbook states that, in the long run, representative firms in monopolistically competitive markets will just break even --- that is, earn zero economic profits. Yet some firms in highly competitive markets manage to continue to earn economic profits indefinitely. For example, perfumes, cosmetics, and hair care firm L’Oreal, in business since 1907, remains highly profitable today, despite competing in fiercely competitive product categories. How has L’Oreal managed to stay profitable for so long (clue: they have a research and...
Suppose there is a monopolistically competitive market with n identical firms, such that each firm produces the same quantity, q. Further, the market is in the monopolistically competitive long-run e...
Suppose there is a monopolistically competitive market with n identical firms, such that each firm produces the same quantity, q. Further, the market is in the monopolistically competitive long-run equilibrium. You are given the following: Inverse market demand: P 10-Q Total market output: Qnxq Marginal revenue: MR 10n+ 1)xq Total cost: C(q)-5+q Marginal cost: MC 2xq In long-run equilibrium, each firm earns zero economic profit. In long-run equilibrium, the number of firms, n, is and each firm produces units) of...
In the long run, firms in monopolistically competitive markets operate O A. at optimal capacity because...
In the long run, firms in monopolistically competitive markets operate O A. at optimal capacity because they have perfectly elastic demand curves O B. with excess capacity because they face downward-sloping demand curves. O c. with excess capacity because they face perfectly elastic demand curves. OD. at optimal capacity because they face downward-sloping demand curves The figure to the right depicts the short run outcome for a firm in a monopolistically competitive industry To maximize profits this for should produce...
In the long run, a firm in a perfectly competitive market earns zero economic profit, so...
In the long run, a firm in a perfectly competitive market earns zero economic profit, so the opportunity in the short run to enjoy positive economic profits will cause existing firms to increase output and new firms to enter the market.
33. In the long run, firms in a monopolistically competitive market structure a. earn zero economic...
33. In the long run, firms in a monopolistically competitive market structure a. earn zero economic profit. b. produce an output level where price = marginal cost. c. do not produce output at minimum average cost. d. produce an output level where marginal revenue = marginal cost. e. a, c, and d are true 34. Externalities a. never occur when markets are perfectly competitive. b. are fully reflected in market prices. c. are reflected in the final price of goods...
Suppose competitive firms have identical costs of production. In the long run when firms are neither...
Suppose competitive firms have identical costs of production. In the long run when firms are neither entering nor exiting a competitive market, total revenue equals total cost such that a firm is making zero economic profits true false Firms that produce agricultural products are less likely to be in competitive markets than firms that produce cars. True False Competitive markets are characterized by a large number of buyers and sellers and free (easy) entry and exit by firms. True False
MULTIPLE CHOICE A monopolistically competitive firm: a.Can expect to earn zero economic profits in the long-run....
MULTIPLE CHOICE A monopolistically competitive firm: a.Can expect to earn zero economic profits in the long-run. b.Has the power to set its own price. c.Produces a product that is different from that of its competitors. d.All of the above are features of monopolistic competition. Please explain. Thank you!
16. If firms in a monopolistically competitive market are earning positive profits, then a. firms will likely be subject to regulation. b. barriers to entry will be strengthened. c. some firms will exit the market. d. new firms will enter the market. 17. As new firms enter a monopolistically competitive market, profits of existing firms a. rise, and product diversity in the market decreases. b. decline, and product diversity in the market increases. c. rise, and product diversity in the...
Suppose there is a monopolistically competitive market with n identical firms, such that each firm produces the same quantity, q. Further, the market is in the monopolistically competitive long-run equilibrium. You are given the following: Inverse market demand: P 10-Q Total market output: Qnxq Marginal revenue: MR 10n+ 1)xq Total cost: C(q)-5+q Marginal cost: MC 2xq In long-run equilibrium, each firm earns zero economic profit. In long-run equilibrium, the number of firms, n, is and each firm produces units) of...
In the long run, firms in monopolistically competitive markets operate O A. at optimal capacity because they have perfectly elastic demand curves O B. with excess capacity because they face downward-sloping demand curves. O c. with excess capacity because they face perfectly elastic demand curves. OD. at optimal capacity because they face downward-sloping demand curves The figure to the right depicts the short run outcome for a firm in a monopolistically competitive industry To maximize profits this for should produce...
In the long run, a firm in a perfectly competitive market earns zero economic profit, so the opportunity in the short run to enjoy positive economic profits will cause existing firms to increase output and new firms to enter the market.
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