Why is it that firms can earn profits in the long run in monopoly and oligopoly, but not in monopolistic competition and perfect competition? Why does a monopolistic competitor advertise? Using the assumptions of monopolistic competition, explain why such firms earn no economic profit in the lon...
Why are monopoly firms able to earn long-run economic profits while perfectly competitive firms cannot? We have the saying in economics that "All industry gravitates towards Oligopoly." Why do you suppose that is so? Do oligopolists h...
I travel round the world working and I have to say thatethics vary from business to business and particularly from country to country. Some businesses (oligopolies too!) suffer fromcognitive dissonancewhen operating in another country where they cannot stop things like corruption. It will go agains...
In the long run perfect competition firms produce at the efficient scale while Monopolistically Competitive firms have excess capacity. a. True b. False In the long run, economic profits tend to be eliminated under conditions of monopolistic compet...
There are many different types of oligopolies in the market economy. When we look at oligopolies they are selling similar products. Give an example of an oligopoly and explain how it is different than How does the market structure of monopolistic compared to per...
Do you agree that companies, under monopolistic competition, can have a profit in the long run? Consider the following statement: "A monopolist never takes a loss." Do you agree or disagree with this statement? Justify your answer. How doe...
Which market structure can earn long-run economic profits? a. Perfect competition b. Monopolistic competition c. Oligopoly d. Monopoly e. c and d only What are the conditions for a monopolistic competitive market? What is the name of the type of market that is dominated...