« previous next »

Author Question: How do the characteristics of perfect competition and monopolistic competition differ? What will ... (Read 125 times)

storky111

  • Hero Member
  • *****
  • Posts: 561
on: Jun 29, 2018
How do the characteristics of perfect competition and monopolistic competition differ?
 
  What will be an ideal response?

Question 2

A firm is operating in its range of economies of scale and is on both its LRAC curve and its short-run ATC curve. At that level of output, the slope of its LRAC curve is
 
  A) zero and the slope of its ATC curve is zero.
  B) zero and the slope of its ATC curve is negative.
  C) negative and the slope of its ATC curve is zero.
  D) negative and the slope of its ATC curve is negative.


nyrave

  • Sr. Member
  • ****
  • Posts: 344
Reply #1 on: Jun 29, 2018
Answer to Question 1

In monopolistic competition, the products sold are similar but differentiated, thereby enabling firms to compete on the basis of product development and marketing to further differentiate their products. In perfect competition the products are identical, thereby eliminating the opportunity for firms to compete by differentiating their product.

Answer to Question 2

D


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

storky111

  • Hero Member
  • *****
  • Posts: 561
Reply #2 on: Jun 29, 2018
Thank you :)


nyrave

  • Sr. Member
  • ****
  • Posts: 344
Reply #3 on: Jun 29, 2018
Happy to help you


« previous next »
 

Did you know?

Congestive heart failure is a serious disorder that carries a reduced life expectancy. Heart failure is usually a chronic illness, and it may worsen with infection or other physical stressors.

Did you know?

In 2012, nearly 24 milliion Americans, aged 12 and older, had abused an illicit drug, according to the National Institute on Drug Abuse (NIDA).

Did you know?

Approximately 25% of all reported medication errors result from some kind of name confusion.

Did you know?

Malaria was not eliminated in the United States until 1951. The term eliminated means that no new cases arise in a country for 3 years.

Did you know?

Certain rare plants containing cyanide include apricot pits and a type of potato called cassava. Fortunately, only chronic or massive ingestion of any of these plants can lead to serious poisoning.

Seven characteristics are common to all life Seven characteristics are common to all life
Metabolic rates of animals that differ in size. Metabolic rates of animals that differ in size.
Influence of abiotic factors on competition between T. castaneum and T. confusum. Influence of abiotic factors on competition between T. castaneum and T. confusum.
(a) Mammal species from central Saskatchewan differ greatly in their isotopic signatures. (b) There (a) Mammal species from central Saskatchewan differ greatly in their isotopic signatures. (b) There
Evaluating the Physical Characteristics of Urine Evaluating the Physical Characteristics of Urine
Interference Competition Interference Competition
Video: Chloroplast Structure & Light Dependent Reactions (Photosystem 1 and 2 Cyclic Electron Flow)

For a complete list of videos, visit our video library