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

Author Question: Consider a monopolistically competitive industry in long-run equilibrium. Will thisindustrybe ... (Read 131 times)

warrenjean01

  • Full Member
  • ***
  • Posts: 158
on: Oct 12, 2022
Consider a monopolistically competitive industry in long-run equilibrium. Will this industry be productively efficient?
◦ Yes. Since the firms are in long-run equilibrium, they will all be operating on their LRAC curves.
◦ Yes. Since the firms are in long-run equilibrium, they will all be producing at the minimum of their LRAC curves.
◦ No. Firms are selling their output at a level where price exceeds marginal cost and thus, by definition, cannot be productively efficient.
◦ No. Since firms are selling differentiated products and there is no industry-wide price, we cannot conclude that marginal cost will be equated across all firms.
◦ Yes. In long-run equilibrium, each firm is producing at an output level where price is equal to marginal cost.
Microeconomics ¦ Ragan ¦ 17th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by warrenjean01 on Oct 12, 2022

Kevin5!

  • Full Member
  • ***
  • Posts: 188
Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 35% of students answer this correctly


warrenjean01

  • Member
  • Posts: 158
Reply 2 on: Oct 12, 2022
Great answer, keep it coming :)

deja

  • Member
  • Posts: 332
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Earwax has antimicrobial properties that reduce the viability of bacteria and fungus in the human ear.

Did you know?

There are 60,000 miles of blood vessels in every adult human.

Did you know?

The newest statin drug, rosuvastatin, has been called a superstatin because it appears to reduce LDL cholesterol to a greater degree than the other approved statin drugs.

Did you know?

Common abbreviations that cause medication errors include U (unit), mg (milligram), QD (every day), SC (subcutaneous), TIW (three times per week), D/C (discharge or discontinue), HS (at bedtime or "hours of sleep"), cc (cubic centimeters), and AU (each ear).

Did you know?

Interferon was scarce and expensive until 1980, when the interferon gene was inserted into bacteria using recombinant DNA technology, allowing for mass cultivation and purification from bacterial cultures.

The U.S. Long-Term Ecological Research (LTER) network. The U.S. Long-Term Ecological Research (LTER) network.
The Acheulean industry is typified by hand axes and cleavers. The Acheulean industry is typified by hand axes and cleavers.
An 80-g aluminum calorimeter contains 380 g of water at an equilibrium temperature of A piece ... An 80-g aluminum calorimeter contains 380 g of water at an equilibrium temperature of A piece ...
Summer squash exhibiting various fruit-shape phenotypes, including disc, long, and sphere Summer squash exhibiting various fruit-shape phenotypes, including disc, long, and sphere
The Internal Anatomy of a Long Bone The Internal Anatomy of a Long Bone
Demographic transition model for changes in population growth rates and sizes, correlated with long- Demographic transition model for changes in population growth rates and sizes, correlated with long-
Video: A Human Karyotype Preparation Animation

For a complete list of videos, visit our video library