« previous next »

Author Question: Refer to Figure 5-2. The true marginal cost of the last unit produced is represented by the price ... (Read 35 times)

michelleunicorn

  • Hero Member
  • *****
  • Posts: 565
on: Jun 29, 2018
Refer to Figure 5-2. The true marginal cost of the last unit produced is represented by the price
 
  A) Pa. B) Pb. C) Pc. D) Pf.

Question 2

Under what conditions does an oligopoly market result in the same outcome as perfect competition? What does this imply for the oligopoly's long-run profits?
 
  What will be an ideal response?


iceage

  • Guest
Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

Oligopoly results in the perfectly competitive outcome when markets are contestable and oligopolists do not or are not successful at colluding. Because prices are pushed to their long-run average costs, positive profits will not persist.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Medication errors are three times higher among children and infants than with adults.

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Did you know?

The FDA recognizes 118 routes of administration.

Did you know?

If you use artificial sweeteners, such as cyclamates, your eyes may be more sensitive to light. Other factors that will make your eyes more sensitive to light include use of antibiotics, oral contraceptives, hypertension medications, diuretics, and antidiabetic medications.

Did you know?

There used to be a metric calendar, as well as metric clocks. The metric calendar, or "French Republican Calendar" divided the year into 12 months, but each month was divided into three 10-day weeks. Each day had 10 decimal hours. Each hour had 100 decimal minutes. Due to lack of popularity, the metric clocks and calendars were ended in 1795, three years after they had been first marketed.

Recombinants are produced by crossovers Recombinants are produced by crossovers
True Forget-Me-Not True Forget-Me-Not
The site of Dmanisi has produced some of the earliest H. erectus outside of Africa. The site of Dmanisi has produced some of the earliest H. erectus outside of Africa.
A hyfrecator, an electrocautery unit. A hyfrecator, an electrocautery unit.
Re-creation of Pheidias’s Huge Gold and Ivory Figure of Athena Re-creation of Pheidias’s Huge Gold and Ivory Figure of Athena
Video: Introduction to Human Immunodeficiency Virus (HIV)

For a complete list of videos, visit our video library