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Author Question: What happens in a monopolistically competitive market with the entry of new firms? What will be ... (Read 103 times)

karateprodigy

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on: Jun 29, 2018
What happens in a monopolistically competitive market with the entry of new firms?
 
  What will be an ideal response?

Question 2

Consider the following economic agents:
  a. the government
  b. consumers
  c. producers
 
  Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy?
 
  A) producers
  B) consumers
  C) the government, consumers, and producers
  D) consumers and producers
  E) the government


rosiehomeworddo

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

In a monopolistically competitive market, firms can earn economic profits in the short run. However, this can lead to the entry of new firms in the market. As new firms enter, the demand curve becomes flatter and shifts inward.

Answer to Question 2

E


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