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

Author Question: What are the pros and cons of a competitive market in the long ... (Read 71 times)

shofmannx20

  • Hero Member
  • *****
  • Posts: 562
on: Jun 30, 2018
What are the pros and cons of a competitive market in the long run?

Question 2

The total utilities associated with the first 5 units of consumption of good X are 15, 30, 40, 47, and 50, respectively. What is the marginal utility associated with the third unit?
 a. 15.
  b. 70.
  c. 85.
  d. 10.
  e. 45.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

aadams68

  • Sr. Member
  • ****
  • Posts: 317
Reply #1 on: Jun 30, 2018
Answer to Question 1

The pros include price equals minimum average total costs and marginal cost. Also, only a normal profit is earned in the long run. The major drawback of a competitive market is that it usually does not promote technological advances (because competitive firms do not earn the profits necessary to enable long-term investments in research and development).

Answer to Question 2

d


shofmannx20

  • Member
  • Posts: 562
Reply 2 on: Jun 30, 2018
Excellent

EAN94

  • Member
  • Posts: 307
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Aspirin may benefit 11 different cancers, including those of the colon, pancreas, lungs, prostate, breasts, and leukemia.

Did you know?

More than 50% of American adults have oral herpes, which is commonly known as "cold sores" or "fever blisters." The herpes virus can be active on the skin surface without showing any signs or causing any symptoms.

Did you know?

Asthma occurs in one in 11 children and in one in 12 adults. African Americans and Latinos have a higher risk for developing asthma than other groups.

Did you know?

The oldest recorded age was 122. Madame Jeanne Calment was born in France in 1875 and died in 1997. She was a vegetarian and loved olive oil, port wine, and chocolate.

Did you know?

Hippocrates noted that blood separates into four differently colored liquids when removed from the body and examined: a pure red liquid mixed with white liquid material with a yellow-colored froth at the top and a black substance that settles underneath; he named these the four humors (for blood, phlegm, yellow bile, and black bile).

As some groups do ethnic work, they produce a mythical long-lost heritage, as in this photo of ... As some groups do ethnic work, they produce a mythical long-lost heritage, as in this photo of ...
Competitive enzyme immunoassay. (a) Shows the uninhibited reaction and (b) shows the inhibited ... Competitive enzyme immunoassay. (a) Shows the uninhibited reaction and (b) shows the inhibited ...
Effects of competitive inhibition on enzyme kinetics Effects of competitive inhibition on enzyme kinetics
Types of Long-Term Memories Types of Long-Term Memories
These findings are from Colby and Kohlberg's long-term longitudinal study These findings are from Colby and Kohlberg's long-term longitudinal study
The Internal Anatomy of a Long Bone The Internal Anatomy of a Long Bone
Video: Male Reproductive System - The gonadotropin releasing hormone

For a complete list of videos, visit our video library