4. In competitive markets, price is equal to marginal cost in the long run. Explain why this...

Question:

4. In competitive markets, price is equal to marginal cost in the long run. Explain why this statement is not true for monopolistic competition.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Principles Of Microeconomics

ISBN: 9780393679199

3rd Edition

Authors: Dirk Mateer, Lee Coppock

See More Books

Question Posted: Oct 19, 2024 08:00 AM

See More Questions

1. Suppose that favorable weather conditions significantly increases the supply of sugar in the U.S. this year, and at the same time there is a significant decrease in the demand for sugar, due to...
What are the concepts of traditional and contemporary organizational design? Will these designs be influenced differently by management and the environment?
Craig is a 20 percent shareholder in an S corporation and works an average of 20 hours per week in the business. His wife, Lynn, is a full-time employee of the corporation. The corporation provides...
A distillation unit consists of a partial reboiler, a bubble-cap column, and a total condenser. The overall plate efficiency is 65%. The feed is a liquid mixture, at its bubble point, consisting of...
4. In competitive markets, price is equal to marginal cost in the long run. Explain why this statement is not true for monopolistic competition.
During the first month of operations ended January 31, 2015, Hip and Conscious Clothing Company produced 55,500 designer cowboy hats, of which 51,450 were sold. Operating data for the month are...
In 1 9 9 8 , subprime mortgages made up what percentage of the mortgage market
3. Which of the following are the same under monopolistic competition and in a competitive market in the long run? a. the markup the firm charges b. the price the firm charges to consumers c. the...
5. Econoburgers, a fast-food restaurant in a crowded local market, has reached a long-run equilibrium. a. Draw a diagram showing demand, marginal revenue, average total cost, and marginal cost curves...
Briefly discuss your levels of self-esteem and self-efficacy. What sort of an impact do these factors have on your ability to meet school and job expectations? [Analyze/Evaluate] LO2
The following financial information relates to NIC Ltd, a manufacturer of a special chemical used in the production of fertilizer in Zambia. Historical information for the past four years. Year 1 2 3...
Articles For each article please answer, 1. https://www.bbc.com/news/business-47879798 2....
During 2015, Patnode had a cash outflow of $15,000 for investing activities and a cash inflow of $7,000 from financing activities. Its 2015 cash flow from operations was an
0.05 kg of steam at 10 bar, dryness fraction 0.84, is heated reversibly in a rigid vessel until the pressure is 20 bar. Calculate the change of entropy and the heat supplied. Show the area which...
The trial balance of Ortiz Company as of January 31, 20X1, after the company completed the first month of operations, is shown in the partial worksheet below. Required: Complete the worksheet by...
Consider the filter circuit shown in Figure 33.26a. (a) Show that the ratio of the output voltage to the input voltage is (b) What value does this ratio approach as the frequency decreases toward...
Research corporate acquisitions using Web resources and then answer the following questions: Why do firms purchase other corporations? Do firms pay too much for the acquired corporation? Why do so...

4. In competitive markets, price is equal to marginal cost in the long run. Explain why this...

Question:

Step by Step Answer:

Principles Of Microeconomics

Students also viewed these Business questions