Monopolistic competition has a downward-sloping demand curve. Thus, just as for apure monopoly, its marginal revenue will always be less than the market price because it can only increase demand by lowering prices, but by doing so, it must lower the prices of all units of its product. Hence...
Do monopoly firms obtain only excess profits in the short run?Can a firm under perfect competition operate in the short run, when it is making losses? If so, then under what condition?Graph the situation of a monopolistic competitor in the short-run, and in the long-run...
1. Describe and explain price and output determinations for firms. How does the change from the short run to the long run for a Monopolistic Competitor? 2. What effect does product differentiation hav Briefly, graph and describe a monopoly market structure. ...
1) In the short run what is the similarity in relation to profits in a monopoly and a monopolistic competitive market? Is there a difference in the long run? Explain (graph might be helpful) 2) Expl Explain how the very nature of competition will, o...
supplied and serviced by one manufacturer. This meant monopoly, of course, but a necessary one. Like the telephone service, it was in the public’s best interests. You couldn’t have competition in watchbird service. Watchbird was for everyone. ...
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Under which circumstances will a profit-maximizing perfectly competitive firm shut down in the short run? Do monopoly firms obtain only excess profits in the short run? Why can a firm in monopolistic competition make an economic profit only in the short run?
Question: Provide an image of the graph for short run economic loss for a perfectly competitive firm. A Competitive Firm: A competitive firm can incur losses only in the short-run because, in the long run, loss-making will exit the market to avoid losses. The...
Why is it that firms can earn profits in the long run in monopoly and oligopoly, but not in monopolistic competition and perfect competition? Explain how the very nature of competition will, over the long run, reduce the number of competitors in any market, even in an oligopo...
In simple terms, why is the long-run aggregate supply curve vertical? Why can't the demand curve be negative? Why can't long-run costs exceed short-run costs? Give two reasons why the MR curve of a pure monopoly is downward sloping. ...