Explain Short run and Long Run equilibrium of monopolistic competition firm. Draw a graph, showing a firm in long run monopolistically competitive equilibrium. Label everything clearly. Can a firm under monopol
Recall that perfect competition is the market structure where many firms exist and produce an identical product. In the long run, perfectly competitive firms have easy entry to and exit from this market. In this market, none of these small firms can control the market price; they can only ch...
In monopolistic competition, firms can earn an economic profit in A. the short run but not in the long run. B. the short run and in the long run. C. the long run but not in the short run. D. neither the long run nor the short run. Demonstrate...
Does a firm that sets its price greater than marginal cost apply to monopolistic competition, perfect competition, or both? Explain. a) Using a graph, show and explain a short-run equilibrium in which the firm is making a p...
Now, firms are running their operations in different forms such as monopoly, monopolistic competitions, and so on. Answer and Explanation: In the long run, there are no economic profits in case of A. Perfect competition . Along with zero barriers ...
Graph the situation of a monopolistic competitor in the short-run, and in the long-run. Explain.Which of the following distinguishes the short run from the long run in pure competition? a. Firms can enter and exit the market in the long run, but not in the short run....
Answer to: Explain the long-run effects of the increase in global demand for cell phones on the market for cell phones. By signing up, you'll get...
How does the model of perfect competition work, with regard to prices, "normal profit," and "supernormal profit?" In long-run equilibrium, a firm in monopolistic competition earns A. a normal profit. B. an economic profit but the economic profit ...
MONOPOLISTIC COMPETITION a) Draw a graph showing a monopolistically competitive firm in a long-run equilibrium. What are its profits? b) Suppose instead that a monopolistically competitive firm sell Explain how entry into a monopolistic competit...
In a competitive market, when does a firm decide to shut down in the short run? Use a graph to illustrate. Explain Short run and Long Run equilibrium of monopolistic competition firm. For a market structure of perfect competition, can economic profit be made i...