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 96 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
Wow, this really help

Jsherida

  • Member
  • Posts: 314
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

The term pharmacology is derived from the Greek words pharmakon("claim, medicine, poison, or remedy") and logos ("study").

Did you know?

Giardia is one of the most common intestinal parasites worldwide, and infects up to 20% of the world population, mostly in poorer countries with inadequate sanitation. Infections are most common in children, though chronic Giardia is more common in adults.

Did you know?

When Gabriel Fahrenheit invented the first mercury thermometer, he called "zero degrees" the lowest temperature he was able to attain with a mixture of ice and salt. For the upper point of his scale, he used 96°, which he measured as normal human body temperature (we know it to be 98.6° today because of more accurate thermometers).

Did you know?

Today, nearly 8 out of 10 pregnant women living with HIV (about 1.1 million), receive antiretrovirals.

Did you know?

In women, pharmacodynamic differences include increased sensitivity to (and increased effectiveness of) beta-blockers, opioids, selective serotonin reuptake inhibitors, and typical antipsychotics.

Many types of edible fungi are grown for the market. Many types of edible fungi are grown for the market.
This girl has a long leg cast, which was applied after surgery to correct her clubfoot. This girl has a long leg cast, which was applied after surgery to correct her clubfoot.
Levels of Processing Affects Long-Term but not Short-Term Memory Levels of Processing Affects Long-Term but not Short-Term Memory
Feng Mengbo, Long March: Restart. Feng Mengbo, Long March: Restart.
Flexible exchange rates are supposed to prevent long-term trade deficits. Flexible exchange rates are supposed to prevent long-term trade deficits.
Video: Oxygen transport - methods and oxyhemoglobin

For a complete list of videos, visit our video library