« previous next »

Author Question: Explain how long-run economic profits are linked to entry in monopolistic competition and perfect ... (Read 83 times)

B

  • Hero Member
  • *****
  • Posts: 570
on: Jul 1, 2018
Explain how long-run economic profits are linked to entry in monopolistic competition and perfect competition.
 
  What will be an ideal response?

Question 2

The Internet auction site eBay is an example of a(n)
 
  A) Sealed Bid Auction.
  B) Second-Price Auction.
  C) English Auction.
  D) Both A and B.
Microeconomics ¦ Perloff ¦ 8th Edition
Buy Test-Bank


ttt030911

  • Sr. Member
  • ****
  • Posts: 315
Reply #1 on: Jul 1, 2018
Answer to Question 1

In the short run, all market structures allow for positive economic profits. However, those profits can only be maintained in the long run if other firms cannot enter the industry. If they can they will enter and competition will force the price of the good down until economic profits are zero.

Answer to Question 2

D


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Fewer than 10% of babies are born on their exact due dates, 50% are born within 1 week of the due date, and 90% are born within 2 weeks of the date.

Did you know?

Fatal fungal infections may be able to resist newer antifungal drugs. Globally, fungal infections are often fatal due to the lack of access to multiple antifungals, which may be required to be utilized in combination. Single antifungals may not be enough to stop a fungal infection from causing the death of a patient.

Did you know?

It is believed that humans initially contracted crabs from gorillas about 3 million years ago from either sleeping in gorilla nests or eating the apes.

Did you know?

If you could remove all of your skin, it would weigh up to 5 pounds.

Did you know?

As many as 28% of hospitalized patients requiring mechanical ventilators to help them breathe (for more than 48 hours) will develop ventilator-associated pneumonia. Current therapy involves intravenous antibiotics, but new antibiotics that can be inhaled (and more directly treat the infection) are being developed.

Entry level nurse competencies Entry level nurse competencies
Brush off front to finish. Long brushing strokes from head to feet to finish. Brush off front to finish. Long brushing strokes from head to feet to finish.
Oligosaccharides and proteins can be linked to form glycoproteins in two ways Oligosaccharides and proteins can be linked to form glycoproteins in two ways
Types of Long-Term Memories Types of Long-Term Memories
economic question economic question
economic question economic question
Video: Hormonal regulation of pregnancy - weeks 2 through 38

For a complete list of videos, visit our video library