Barriers to entry exist for perfectly competitive firms. restrict the entry of new firms into the market. measure the ability of firms to set the price for a good. do not exist for monopolies. always lead to profits.
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- Perfect competition is a market structure Group of answer choices in which any firm would have serious barriers to entry or exit in which individual buyers and sellers have no effect on the market price resulting from individual firms selling highly differentiated products where there is significant regulation.Restrictive practices are characterized as... Group of answer choices Practices that prevent firms from entering certain markets. Practices that restrict the number of consumers who may purchase a product Practices that promote competition by restricting monopolies Practices the reduce competition without outright agreements to raise price or reduce quantityMarket Structure Number of Firms Type of Product Sold Price Taker? Price Formula Freedom of Entry? Short-run Profit? Long-run Profit? Industry ExamplesPerfect Competition ManyDifferentiated or IdenticalYesP<MCYesNoYes[Insert two to three example industries that meet the criteria of the market structure.]Monopolistic Competition[Insert two to three example industries that meet the criteria of the market structure.]Monopolies [Insert two to three example industries that meet the criteria of the market structure.]Oligopolies[Insert two to three example industries that meet the criteria of the market structure.]
- Compare and contrast monopoly and perfect competition market structures in the Long-run.In a perfectly competitive market, one of the following answers is correct with respect to the demand curve for a perfectly competitive firm. Which one? Group of answer choices The perceived demand curve is downward sloping. The perceived demand curve for a perfectly competitive firm and a monopolist look the same. When price increases, quantity demanded from the firm will also decrease. The demand curve is flat. Answer correct and explain within 40 mins will give you positive feedback.In competitive market structure, firms earn zero economic profit in the long run but still remain in the market. Firms facing loss in short run may continue to produce in a competitive market structure. Price discrimination is beneficial for the society in general but it is difficult to practice in real world. Monopolistically competitive firms are producing efficiently because P=MC in the long-run. 5. Advertising helps raise revenue for the firms and provides information to the customers; therefore, expenditures on advertising are justified.
- Monopolostic competition is characterized by _____ and perfect competition is characterized by _____. Question 30 options: a free entry; free entry b free entry; barriers to entry c barriers to entry; free entry d barriers to entry; barriers to entryMonopolistic competition is a market structure in which Question 11 options: a small number of firms compete. firms are free to enter or exit. each firm produces an identical product. firms only compete on product price.Monopolostic competition is characterized by _____ and perfect competition is characterized by _____. Question 32 options: a standardized products; standardized products b standardized products; differentiated products c differentiated products; standardized products d differentiated products; differentiated products
- Monopolostic competition is characterized by _____ economic profit in the long-run and perfect competition is characterized by _____ economic profit in the long-run. Question 31 options: a zero; zero b zero; positive c positive; zero d positive; positiveIf monopolistically competitive firms are making zero economic profit, then these firms would: leave the industry. charge higher prices. make demand more inelastic. remain in the industry. begin to collude illegally.True and False Also correct the false answers: 1. The firm operates in a long-run production period where labor is variable, capital is fixed. (True/False) 2. The main difference between perfect competition and monopolistic competition is the degree of product differentiation. (True/False) 3. Coordination costs arise because of uncertainty and complexity of tasks. (True/False)
