Why does the firm's demand curve become more elastic in a monopolistically competitive market as more firms
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 68% (16 reviews)
The more choices available to the consumer the more likely the consumer is to find ...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
The following graph shows a firm in a monopolistically competitive industry. a. Show the firms short-run profit-maximizing quantity and price. Is the firm making a profit? b. Carefully explain what...
-
Even if the firms in a monopolistically competitive market collude successfully and fix price, economic profit will still be competed away if there is unrestricted entry. Explain. Will price be...
-
Suppose short-run inverse demand in a monopolistically competitive market is represented by: p(x) = 18 - 0.2x. Cost is given by: TC(x) = 320 + 2x + 0.05x2. a. (liven these demand and cost conditions,...
-
Charlie invested $2,000 at the end of 2015, $2,500 at the end of 2016 and $550 at the end of 2017.She earned 8% on her investment.How much money did she have at the end of 2017?
-
What differences have the use of TIE added over the original EDI system?
-
In the section on the volatility of the global environment, several world events were listed that have had profound implications for the global and local strategies of MNEs. Select a recent world...
-
What objectives do product labels fulfill?
-
Sandy Sally is a sole proprietor CPA who runs a successful practice with five employees. Several years ago, Sally purchased an office building and relocated the practice in about 20 percent of the...
-
Marco Company shows the following costs for three jobs worked on in April. Job 3 0 6 Job 3 0 7 Job 3 0 8 Balances on March 3 1 Direct materials used ( in March ) $ 3 5 , 0 0 0 $ 4 1 , 0 0 0 Direct...
-
December 1: , a new investor, made an investment in Byte by purchasing 2,700 shares of its common stock paying $72,900.00 in cash. The par value of the common stock was $19.00 per share. December 3:...
-
Can you think of markets in which there is absolutely no product differentiation? If you owned a firm in such a market, what would your demand curve look like? What would the demand curve for the...
-
In perfect competition, imitators dampen the innovating spirit of innovators. Explain.
-
What is the total charge in coulombs of 75.0 kg of electrons?
-
What Is Chemical Energy? Definition and Examples
-
The fundamental concern of computer science is determining what can and cannot be automated. The earliest foundations of what would become computer science predate the invention of the modern digital...
-
History of the United States
-
United States History Pearl Harbor attack
-
Within the example tools and vendors provided, identify three leading vendors and products in each of these product categories: gaming, marketing, healthcare, hospitality / tourism.
-
The May 2014 revenue and cost information for Houston Outfitters, Inc. follow: Sales Revenue (at standard).............. $ 540,000 Cost of Goods Sold (at standard) ..........341,000 Direct Materials...
-
If a product is produced in high volume by a few large organizations, what phase of the product life cycle is it most likely in?
-
Suppose the government removes a tax on buyers of a good and levies a tax of the same size on sellers of the good. How does this change in tax policy affect the price that buyers pay sellers for this...
-
Suppose the government removes a tax on buyers of a good and levies a tax of the same size on sellers of the good. How does this change in tax policy affect the price that buyers pay sellers for this...
-
What determines how the burden of a tax is divided between buyers and sellers? Why?
-
Fig 1. Rolling a 4 on a D4 A four sided die (D4), shaped like a pyramid (or tetrahedron), has 4 flat surfaces opposite four corner points. A number (1, 2, 3, or 4) appears close to the edge of each...
-
I just need help with question #4 please! Thank you! Windsor Manufacturing uses MRP to schedule its production. Below is the Bill of Material (BOM) for Product A. The quantity needed of the part...
-
(25) Suppose that we have an economy consisting of two farmers, Cornelius and Wheaton, who unsurprisingly farm corn c and wheat w, respectively. Assume that both farmers produce their crop of choice...
Study smarter with the SolutionInn App