This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Is there any similarity between a perfectly competitive firm and a monopolistically competitive firm ... (Read 151 times)

SO00

  • Hero Member
  • *****
  • Posts: 568
on: Jun 29, 2018
Is there any similarity between a perfectly competitive firm and a monopolistically competitive firm in the long run? Explain your answer.
 
  What will be an ideal response?

Question 2

If a technological advance takes place in the computer industry, then the equilibrium price of a computer will ________ and the equilibrium quantity will ________.
 
  A) fall; increase
  B) fall; decrease
  C) rise; increase
  D) rise; decrease


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

lucas dlamini

  • Sr. Member
  • ****
  • Posts: 327
Reply #1 on: Jun 29, 2018
Answer to Question 1

Both a perfectly competitive firm and a monopolistically competitive firm earn zero economic profits in the long run.

Answer to Question 2

A


SO00

  • Member
  • Posts: 568
Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

ktidd

  • Member
  • Posts: 319
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

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?

Illness; diuretics; laxative abuse; hot weather; exercise; sweating; caffeine; alcoholic beverages; starvation diets; inadequate carbohydrate consumption; and diets high in protein, salt, or fiber can cause people to become dehydrated.

Did you know?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

Did you know?

Never take aspirin without food because it is likely to irritate your stomach. Never give aspirin to children under age 12. Overdoses of aspirin have the potential to cause deafness.

Did you know?

More than one-third of adult Americans are obese. Diseases that kill the largest number of people annually, such as heart disease, cancer, diabetes, stroke, and hypertension, can be attributed to diet.

Competitive inhibition Competitive inhibition
Gestalt Law of Similarity Gestalt Law of Similarity
A substrate and its competitive inhibitor A substrate and its competitive inhibitor
Similarity of the chemical structure of 5-bromouracil (5-BU) and thymine Similarity of the chemical structure of 5-bromouracil (5-BU) and thymine
Juan's Software Service Company is in a perfectly competitive market. Juan has total fixed ... Juan's Software Service Company is in a perfectly competitive market. Juan has total fixed ...
Competitive firms and maximization Competitive firms and maximization
Video: Acid-base imbalances - metabolic acidosis and alkalosis

For a complete list of videos, visit our video library