19 of 25 A monopolistically competitive firm may earn abnormally high profits in the Long run,...
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19 of 25 A monopolistically competitive firm may earn abnormally high profits in the Long run, but after entry occurs the short-term perceived demand curve shifts to the right Short run, but after entry occur, the long-term perceived demand curve shifts to the right. Short term, but the process of entry will drive those profits to zero in the long run Long term, but the process of entry will drive those profits to zero in the short run 20 of 25 If all the natural gas producers in the U.S. were controlled by Grand One Corp, they would most likely O file for a patent to give them exclusive rights to make, use and sell for a limited time only. acquire the rights for its investors to produce and sell their product. O decrease production, increase prices, and realize positive economic profits. O invest in legal protection to prevent copying its methods of production for commercial use. 21 of 25 Natural Monopolies may arise when: there are substantial economies of scale O a company has control of scarce resources there are high costs to transport products in smaller markets All of the above 22 of 25 Government regulations specify that inventors will maintain exclusive legal rights to their respective inventions for trade secret; limited time unlimited time; copyright trademark; unlimited time patent; limited time 23 of 25 ABC Steel and XYZ steel have been secretly working together to reduce output and keep prices high. This is an example of: O a cartel a joint monopoly collusion competition in an oligopoly 19 of 25 A monopolistically competitive firm may earn abnormally high profits in the Long run, but after entry occurs the short-term perceived demand curve shifts to the right Short run, but after entry occur, the long-term perceived demand curve shifts to the right. Short term, but the process of entry will drive those profits to zero in the long run Long term, but the process of entry will drive those profits to zero in the short run 20 of 25 If all the natural gas producers in the U.S. were controlled by Grand One Corp, they would most likely O file for a patent to give them exclusive rights to make, use and sell for a limited time only. acquire the rights for its investors to produce and sell their product. O decrease production, increase prices, and realize positive economic profits. O invest in legal protection to prevent copying its methods of production for commercial use. 21 of 25 Natural Monopolies may arise when: there are substantial economies of scale O a company has control of scarce resources there are high costs to transport products in smaller markets All of the above 22 of 25 Government regulations specify that inventors will maintain exclusive legal rights to their respective inventions for trade secret; limited time unlimited time; copyright trademark; unlimited time patent; limited time 23 of 25 ABC Steel and XYZ steel have been secretly working together to reduce output and keep prices high. This is an example of: O a cartel a joint monopoly collusion competition in an oligopoly
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19 short term but the process of entry will drive those profits to zero in the long run Explanation ... View the full answer
Related Book For
Managerial Economics
ISBN: 978-0133020267
7th edition
Authors: Paul Keat, Philip K Young, Steve Erfle
Posted Date:
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