Homework Answers
Answer
Option B
normal profits
the firms in pure competition produce zero economic profit which
is equal to the normal profit which we call the opportunity cost of
the activity.
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In the long run, a typical firm in pure competition would expect to make: O A....
please answer A, and B Long-Run Long-Run Marginal Cost Average Cost Price, Cost Duc= ARC ^...
please answer A, and B
Long-Run Long-Run Marginal Cost Average Cost Price, Cost Duc= ARC ^ MPMC Qo Q7 Quantity 5. In the previous hypothetical figure, we see a typical monopolistically compet- itive firm in long-run equilibrium. Answer the following questions about its market position. a. What price will the monopolistic competitor set in the long run? What will be its output rate? b. What profit will the firm earn, a normal profit or an economic profit? c. If the...
It is not likely that firms in pure competition charge excessive prices and make excessive profits...
It is not likely that firms in pure competition charge excessive prices and make excessive profits in the long run because A: firms in pure competition have barriers to entering the industry. Therefore, if they make excessive profits in the short run, competitors will enter the industry, and this will cause them to lose money in the long run B: there are only a few firms in this industry, so revenue is usually limited. C: firms in pure...
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!
Question: Why in the long run, the purely competitive firm in a constant cost industry achieves...
Question: Why in the long run, the purely competitive firm in a constant cost industry achieves only normal profits? Select one: a. New firms entering the industry increase supply, reduce price and squeeze out the the economic profit. b. In the long run, normal profit is not the only situation that can face a purely competitive firm . c. New firms entering the industry do not affect supply since they divide up the existinng market, but costs to the firm...
QUESTION 7 Monopolistic competitive firms in the long run earn: positive economic profits. zero pure economic...
QUESTION 7 Monopolistic competitive firms in the long run earn: positive economic profits. zero pure economic profits. negative economic profits. Positive, zero, or negative economic profits. QUESTION 8 Which of the following statements best describes firms under monopolistic competition? Profits will be positive in the long run. Price always equals average variable cost. In the long run, positive economic profit will be eliminated. Marginal revenue equals minimum average total cost in the short run. QUESTION 9 Which of the following...
In comparing the long-run equilibrium of a monopolistically competitive firm and a perfectly competitive firm, which...
In comparing the long-run equilibrium of a monopolistically competitive firm and a perfectly competitive firm, which of the following is incorrect? Select one: a. they both produce at the minimum point of the average cost curve ob. the both produce at point where price equals average costs c. they both produce where MR = MC od. the both make zero economic profits e. none of the above. o
Which market structure can earn long-run economic profits? a. Perfect competition b. Monopolistic competition c. Oligopoly...
Which market structure can earn long-run economic profits? a. Perfect competition b. Monopolistic competition c. Oligopoly d. Monopoly e. c and d only All firms produce where a. marginal benefits are greater than marginal profits b. short-run profits are less than long-run profits c. marginal revenues are greater than or equal to marginal costs d. average total costs are greater than marginal costs A perfect competitor is a __________ and can earn economic profits ____________. a. price maker, in both...
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...
How is it determined for pure competition and monopolistic competition whether the firm is operating in...
How is it determined for pure competition and monopolistic competition whether the firm is operating in the short-run or the long-run?
please answer A, and B
Long-Run Long-Run Marginal Cost Average Cost Price, Cost Duc= ARC ^ MPMC Qo Q7 Quantity 5. In the previous hypothetical figure, we see a typical monopolistically compet- itive firm in long-run equilibrium. Answer the following questions about its market position. a. What price will the monopolistic competitor set in the long run? What will be its output rate? b. What profit will the firm earn, a normal profit or an economic profit? c. If the...
In comparing the long-run equilibrium of a monopolistically competitive firm and a perfectly competitive firm, which of the following is incorrect? Select one: a. they both produce at the minimum point of the average cost curve ob. the both produce at point where price equals average costs c. they both produce where MR = MC od. the both make zero economic profits e. none of the above. o
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...
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