« previous next »

Author Question: In comparing monopolistic competition to perfect competition, one can conclude that the lack of free ... (Read 117 times)

skymedlock

  • Hero Member
  • *****
  • Posts: 561
on: Jul 1, 2018
In comparing monopolistic competition to perfect competition, one can conclude that the lack of free entry is the key to having the ability to set price.
 
  Indicate whether the statement is true or false

Question 2

An auction in which the price announced by the auctioneer DESCENDS is called a(n)
 
  A) Dutch Auction.
  B) English Auction.
  C) Sealed Bid Auction.
  D) Descending Option Auction.
Microeconomics ¦ Perloff ¦ 8th Edition
Buy Test-Bank


k2629

  • Sr. Member
  • ****
  • Posts: 357
Reply #1 on: Jul 1, 2018
Answer to Question 1

False. Free entry is the key to driving long-run profit to zero. The key to price-setting ability is the downward-sloping demand curve. This can, in general, result from having few firms, but is due to product differentiation when considering monopolistic competition.

Answer to Question 2

A


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

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

Did you know?

Russia has the highest death rate from cardiovascular disease followed by the Ukraine, Romania, Hungary, and Poland.

Did you know?

Colchicine is a highly poisonous alkaloid originally extracted from a type of saffron plant that is used mainly to treat gout.

Did you know?

Blastomycosis is often misdiagnosed, resulting in tragic outcomes. It is caused by a fungus living in moist soil, in wooded areas of the United States and Canada. If inhaled, the fungus can cause mild breathing problems that may worsen and cause serious illness and even death.

Did you know?

According to the CDC, approximately 31.7% of the U.S. population has high low-density lipoprotein (LDL) or "bad cholesterol" levels.

The relationship between free energy and electron movement along the electron transport chain The relationship between free energy and electron movement along the electron transport chain
Seriation features operations of comparing the length of each stick to the other sticks and putting ... Seriation features operations of comparing the length of each stick to the other sticks and putting ...
Typical secondary ignition pattern. Note the lack of firing lines on superimposed pattern. Typical secondary ignition pattern. Note the lack of firing lines on superimposed pattern.
The lack of permanent disruption of language-related abilities after surgical excision of the ... The lack of permanent disruption of language-related abilities after surgical excision of the ...
Comparing Fluid Balance Comparing Fluid Balance
Comparing the structure of a primary shoot from (A) a monocot and (b) a eudicot. Comparing the structure of a primary shoot from (A) a monocot and (b) a eudicot.
Video: Chromosome structural organization/ Mechanisms for chromosome movement Animation

For a complete list of videos, visit our video library