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Author Question: Is there any similarity between a perfectly competitive firm and a monopolistically competitive firm ... (Read 63 times)

SO00

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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


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lucas dlamini

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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

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Reply 2 on: Jun 29, 2018
Excellent

tkempin

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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