« previous next »

Author Question: Other things being constant, the only way to move along a given supply curve for a product is for ... (Read 26 times)

Davideckstein7

  • Hero Member
  • *****
  • Posts: 555
on: Jun 29, 2018
Other things being constant, the only way to move along a given supply curve for a product is for
 
  A) the product's relative price to change.
  B) the future relative price of related goods to change.
  C) the number of sellers to change.
  D) technological changes to occur.

Question 2

What are the implications of there being a large number of firms in a monopolistically competitive market?
 
  What will be an ideal response?


ririgirl15

  • Sr. Member
  • ****
  • Posts: 385
Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

A large number of firms has three implications. (1 ) Each firm will have a small share of the market since there are many firms. (2 ) There will be a lack of collusion among the firms because the large number will make it impossible for the firms to agree on price and output decisions. (3 ) Each firm will act independently from their competitors since they cannot take into account how their numerous competitors will react to changes in their behavior.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Urine turns bright yellow if larger than normal amounts of certain substances are consumed; one of these substances is asparagus.

Did you know?

Hippocrates noted that blood separates into four differently colored liquids when removed from the body and examined: a pure red liquid mixed with white liquid material with a yellow-colored froth at the top and a black substance that settles underneath; he named these the four humors (for blood, phlegm, yellow bile, and black bile).

Did you know?

Over time, chronic hepatitis B virus and hepatitis C virus infections can progress to advanced liver disease, liver failure, and hepatocellular carcinoma. Unlike other forms, more than 80% of hepatitis C infections become chronic and lead to liver disease. When combined with hepatitis B, hepatitis C now accounts for 75% percent of all cases of liver disease around the world. Liver failure caused by hepatitis C is now leading cause of liver transplants in the United States.

Did you know?

Ether was used widely for surgeries but became less popular because of its flammability and its tendency to cause vomiting. In England, it was quickly replaced by chloroform, but this agent caused many deaths and lost popularity.

Did you know?

According to the FDA, adverse drug events harmed or killed approximately 1,200,000 people in the United States in the year 2015.

The Extraocular Muscles, Which Move the Eyes The Extraocular Muscles, Which Move the Eyes
The human eye, a product of 600 million years of evolution (Lamb, Collin, & Pugh, 2007). The human eye, a product of 600 million years of evolution (Lamb, Collin, & Pugh, 2007).
Effect-log dose curve for the analgesic action of three narcotics and aspirin. Hydromorphone is more ... Effect-log dose curve for the analgesic action of three narcotics and aspirin. Hydromorphone is more ...
Using the palm, apply oil with butterfly strokes across the chest. Alternate hands and move across ... Using the palm, apply oil with butterfly strokes across the chest. Alternate hands and move across ...
How to find the constant (C) after finding the anti-derivative How to find the constant (C) after finding the anti-derivative
If you walk 5.0 m horizontally forward at a constant velocity carrying a 10 N object, the ... If you walk 5.0 m horizontally forward at a constant velocity carrying a 10 N object, the ...
Video: Proteins

For a complete list of videos, visit our video library