FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume that a monopolistically competitive firm is earning positive economic profits in the short run. Which of the following is NOT true in the long

Assume that a monopolistically competitive firm is earning positive economic profits in the short run. Which of the following is NOT true in the long run? Group of answer choices The quantity each firm produces will Decrease The price that each firm can charge Increases Firms will Enter the Market Profits will Decrease

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Economics and Business Strategy

Managerial Economics and Business Strategy

Authors: Michael Baye, Jeff Prince

8th edition

9780077802615, 73523224, 77802616, 978-0073523224

More Books

Students also viewed these Economics questions

Question

★★★★★
Louise Manufacturing uses 2,800 switch assemblies per week and then reorders another 2,800. If the relevant carrying cost per switch assembly is $6.20, and the fixed order cost is $1,200, is the...

Answered: 1 week ago

Question

★★★★★
=+2 Give a second example of a cost driver for each function.

Answered: 1 week ago

Question

★★★★★
=+b) A linear regression of Price on Age shows that the slope for Age is not statistically significant. Is Price unrelated to Age? Explain.

Answered: 1 week ago

Question

★★★★★
Elmbrook Corporation reported net income of $58,000. Depreciation expense for the year was $132,000. The company calculates depreciation expense using the straightline method, with a useful life of...

Answered: 1 week ago

Question

★★★★★
What is the ideal strategy for fighting an adversary that relies on guerilla warfare? a ) Barbarism b ) Asymmetric conflict c ) Conventional defense d ) Conventional attack

Answered: 1 week ago

Question

★★★★★
For proper control over the shipping function, which task should be performed by the shipping department? Accounting for serially numbered shipping documents Applying pricing and discounts from...

Answered: 1 week ago

Question

★★★★★
3. A 0.9 ft diameter steel stud is mounted upright to the seabed at a water depth of 32 ft. If the pipe is hit by 4.5 ft high waves, exhibiting a wavelength of 26 ft, calculate the: (i) Max. fluid...

Answered: 1 week ago

Question

★★★★★
P24-4A Clarke Inc. operates the Patio Furniture Division as a profit center. Operating data for this division for the year ended December 31, 2017, are as shown below. Prepare responsibility report...

Answered: 1 week ago

Question

★★★★★
Soren's favorite cereal is on sale. A 20-ounce box costs $4.59. A smaller, 12-ounce box costs $2.52. Complete the statements to describe which box costs less per ounce. 0 answers

Answered: 1 week ago

Question

★★★★★
Locate an article that addresses DRM (Digital Rights Management) Identify how DRM is being used. Discuss the content holder's reasoning for implementing (or not implementing) DRM on the content....

Answered: 1 week ago

Question

★★★★★
Figure 1 shows a cabling system that will be used to support utility poles that are to be installed in your companies factory. The pole is a steal pipe and will be supported by a pair of cables at...

Answered: 1 week ago

Question

★★★★★
Suppose there are two illness conditions: "sneezing" or "coughing." If today you are sneezing, the probability tomorrow of you having a cough is 0.7. If today you are coughing, the probability of...

Answered: 1 week ago

Question

★★★★★
The following extracts are taken from the financial statements of Marsh Ltd and Mallow Ltd. Marsh Ltd Mallow Ltd Capital employed 281,000 596,000 Operating profit 29,500 41,500 Gross profit 71,400...

Answered: 1 week ago

Question

★★★★★
Explain the purpose of the consolidated financial statements and why goodwill is only shown in consolidated financial statements.

Answered: 1 week ago

Question

★★★★★
As the business world continues to change the way in which business is conducted, accountants are faced with the challenge of accounting for these changes. Who, for example, could have anticipated...

Answered: 1 week ago

Previous Question Next Question