Homework Answers
Q1) In the perfect competition, all products are identical so no labels are put while in monopolistic competition the products are differentiated so labels are put so option 1 is incorrect. Both competitions have large number of buyers and sellers so option 2 is correct that there are numerous competitors. In short run, both competitions can have supernormal profits so option 3 is incorrect. In perfect competition there are no barriers to entry or exit while in monopolistic, there are a few, so option 4 is also incorrect.
Q2) Monopoly, oligopoly and natural monopoly have very high barriers to entry either man made or those occurring naturally while monopolistic competition has a large number of buyers and sellers and therefore the barriers to entry and exist are lower in comparison, therefore it is easier to enter or exit the same so option 3 is correct.
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Monopolistic competition is like perfect competition in that they both: put labels on their products. have...
The major difference between monopolistic competition and monopoly is O A. only a firm in monopolistic...
The major difference between monopolistic competition and monopoly is A. only a firm in monopolistic competition can earn an economic profit in the short run. B. only firms in monopolistic competition are protected by barriers to entryC. only a monopoly can earn an economic profit in the long run. D. how the quantity of output is determined. E. monopoly is a price setter and a firm in monopolistic competition is a price taker.In the long run, firms in monopolistic competition earn zero economic profit...
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...
1. MR = MC=P holds for A. all firms B. monopoly C. monopolistic competition...
1. MR = MC=P holds for A. all firms B. monopoly C. monopolistic competition D. perfect competition 2. Consumer's surplus is A. demand price plus equilibrium price B. supply price above market price C. demand price plus supply price D. demand price less equilibrium price 3. In the short run, a monopolist may a. attract other firms into the industry b. upgrade technology c. incur loss d. charge the...
The main similarity between perfect competition and monopolistic competition is that: both produce standardized products. both...
The main similarity between perfect competition and monopolistic competition is that: both produce standardized products. both have many buyers. neither makes an economic profit in the long run both have few sellers
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...
Which of the following is true in long-run equilibrium for both perfect competition and monopolistic competition?...
Which of the following is true in long-run equilibrium for both perfect competition and monopolistic competition? Long-run average cost is at a minimum. Economic profit is zero. Accounting profit is zero. Marginal cost equals price.
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...
The world of imperfect competition O A. lies between the extremes of perfect competition and monopoly....
The world of imperfect competition O A. lies between the extremes of perfect competition and monopoly. O B. is a world where firms battle over market shares. O C. is a world where economic profits may or may not persist in the long run. OD. is described by all of the above. Monopolistic competition is an industry characterized by a O A. small number of firms producing identical products, with barriers to entry for firms. OB.small number of firms producing...
In the perfect competition, monopolies competition, monopoly, oligopoly, who is earning an economic profit and accounting...
In the perfect competition, monopolies competition, monopoly, oligopoly, who is earning an economic profit and accounting profit in the long run and short-run?
Some monopolistic competitive firms earn positive economic profits in the long run because O a. each...
Some monopolistic competitive firms earn positive economic profits in the long run because O a. each firm produces and sells a homogeneous product. O b. they have successfully differentiated their products from their competitors' products. O c. there is easy entry and exit. O d. there are high barriers to entry in monopolistic competition.
The main similarity between perfect competition and monopolistic competition is that: both produce standardized products. both have many buyers. neither makes an economic profit in the long run both have few sellers
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...
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...
The world of imperfect competition O A. lies between the extremes of perfect competition and monopoly. O B. is a world where firms battle over market shares. O C. is a world where economic profits may or may not persist in the long run. OD. is described by all of the above. Monopolistic competition is an industry characterized by a O A. small number of firms producing identical products, with barriers to entry for firms. OB.small number of firms producing...
Some monopolistic competitive firms earn positive economic profits in the long run because O a. each firm produces and sells a homogeneous product. O b. they have successfully differentiated their products from their competitors' products. O c. there is easy entry and exit. O d. there are high barriers to entry in monopolistic competition.
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