Please summarize in a 150 words Ch. 11 Perfect Competition in the Long Run.

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Rahul Sunny answered 1 year ago

In the situation of perfect competition, in long run equilibrium which of the following is not...

In the situation of perfect competition, in long run equilibrium which of the following is not true: the marginal cost curve intersects the average cost curve at the minimum point of the average cost curve. average costs are equal to the market price of the good. average costs are equal to marginal revenue. the demand curve facing the individual firm has a downward slope. Assuming long-run equilibrium exists, when demand increases in a perfectly competitive market, in the long run...

Answer the following questions comparing monopolistic competition to perfect competition. a. In the long run, how...

Answer the following questions comparing monopolistic competition to perfect competition. a. In the long run, how does the profit earned by a firm operating in a monopolistically competitive market compare to the profit the same firm would earn if it were instead operating in a perfectly competitive market? Please explain. b. In the long run, how does the average cost of production for a firm operating in a monopolistically competitive market compare to the average cost of production for the...

Describe and illustrate the difference between perfect competition and monopolistic competition in the long run. Comment...

Describe and illustrate the difference between perfect competition and monopolistic competition in the long run. Comment on long run profit, price sensitivities that firms are responding to as well as welfare and efficiency outcomes in both cases.

1. In both perfect competition and monopolistic competition, in the long run typical firms earn zero...

1. In both perfect competition and monopolistic competition, in the long run typical firms earn zero economic profit. Which of the market characteristics is most responsible for this zero economic profit? There are many buyers and sellers in these markets. There is no government control of price in these market. Identical (homogeneous) products are sold in these markets. Differentiated products are sold in these markets. There are no significant barriers to entry to these markets. 2. If a firm in...

Answer the following questions comparing monopolistic competition to perfect competition. I. In the long run, how...

Answer the following questions comparing monopolistic competition to perfect competition. I. In the long run, how does the profit earned by a firm operating in a monopolistically competitive market compare to the profit the same firm would earn if it were instead operating in a perfectly competitive market?Please explain.b. In the long run, how does the average cost of production for a firm operating in a monopolistically competitive market compare to the average cost of production for the same firm...

Explain the differences between perfect competition and monopolistic competition. b. Explain the long run equilibrium for...

Explain the differences between perfect competition and monopolistic competition. b. Explain the long run equilibrium for a monopolistically competitive firm that is earning economic profits in the short run.( use diagram to support answer)

What is perfect competition? How the equilibrium price and output in the short and long run...

What is perfect competition? How the equilibrium price and output in the short and long run can be decided by a firm. Justify the answer by drawing the right graphs.

Perfect Competition In the lecture I defined the long run market supply as being determined by...

Perfect Competition In the lecture I defined the long run market supply as being determined by the quantity demanded at the break-even price. Including any necessary graphs, explain what I meant by and how an upward sloping (increasing cost industry) long run supply curve is generated.

How competitive markets adjust to long run changes? • Technological improvement and perfect competition • The...

How competitive markets adjust to long run changes? • Technological improvement and perfect competition • The effect of perfect competition and size of the firm

Which of the three industries (perfect competition, monopolistic competition, monopoly) can sustain long-run economic profit? Why?

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