This topic contains a solution. Click here to go to the answer

Author Question: If new firms enter a perfectly competitive industry seeking economic profit and begin producing ... (Read 50 times)

formula1

  • Hero Member
  • *****
  • Posts: 666
If new firms enter a perfectly competitive industry seeking economic profit and begin producing goods, which of the following will occur?
 a. The market supply curve will shift leftward with movement along an unchanged demand curve.
  b. The market supply curve will shift rightward with movement along an unchanged demand curve.
  c. The market supply and demand curves will both shift to the left.
  d. The market supply and demand curves will both shift to the right.
  e. There will be movement down and to the right along a fixed supply curve.

Question 2

Nondiscriminating monopoly is similar to perfect competition in that
 a. they have the same level of barriers to entry
  b. they have a similar number of firms in the industry
  c. the demand curve facing the firm is perfectly elastic for both
  d. price equals marginal revenue for both
  e. price equals average revenue for both



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Moriaki

  • Sr. Member
  • ****
  • Posts: 341
Answer to Question 1

B

Answer to Question 2

E




formula1

  • Member
  • Posts: 666
Reply 2 on: Jun 30, 2018
Excellent


Alyson.hiatt@yahoo.com

  • Member
  • Posts: 354
Reply 3 on: Yesterday
Gracias!

 

Did you know?

The horizontal fraction bar was introduced by the Arabs.

Did you know?

The National Institutes of Health have supported research into acupuncture. This has shown that acupuncture significantly reduced pain associated with osteoarthritis of the knee, when used as a complement to conventional therapies.

Did you know?

The term pharmacology is derived from the Greek words pharmakon("claim, medicine, poison, or remedy") and logos ("study").

Did you know?

The most common childhood diseases include croup, chickenpox, ear infections, flu, pneumonia, ringworm, respiratory syncytial virus, scabies, head lice, and asthma.

Did you know?

Side effects from substance abuse include nausea, dehydration, reduced productivitiy, and dependence. Though these effects usually worsen over time, the constant need for the substance often overcomes rational thinking.

For a complete list of videos, visit our video library