Describe the characteristics of a firm in a monopolistically competitive industry and that of an oligopolistic industry. Explaining how they are different from firms in a perfectly competitive industry or a monopoly.

Q: Firms in monopolistically competitive industries want to maximize their profits. At what level will…

A: There are many firms producing differentiated goods in monopolistic competitive market.

Q: Which of the following is INCORRECT regarding monopolistically competitive firms in the long run? A)…

A: Economic profit in total revenue minus economic cost. Economic cost includes both explicit cost and…

Q: Does a monopolistic competitive produce too much or too little output compared to the most effective…

A: Monopolistic competition refers to an imperfect market structure in which many firms and buyers. The…

Q: which situation at the following, _______ is the market dominated by only one seller/company?…

A: Types of market structures  Perfect Competiton Monopolistic Competition Oligopoly Monopoly  The…

Q: You are hired as a consultant to a monopolistically competitive firm. The firm reports the following…

A: A monopolistically competitive firm will maximize profit if price (P) is higher than marginal cost…

Q: the concept of Duopolistic competition and briefly describe the 3 main models of duopolistic…

A: A type of oligopoly known as a duopoly occurs when just two businesses control the market. A…

Q: What are the four characteristics of a monopolistically competitive industry and what is one example…

A: Monopolistic competition is an imperfect market structure where large number of sellers exist in the…

Q: Efforts of oligopolistic firms to impact the demand for their product (other than price) are called…

A: Non price determinants are factors other than price which determine the demand of the product but…

Q: Which of the following markets would have the least amount of concentrated power? Oligopolistic…

A: Market concentration is a measure that indicates the decision making power that small firms have in…

Q: With the aid of practical examples ,distinguish between the following concepts ,a)increasing returns…

A: Increasing returns to scale and decreasing returns to scale Returns to scale refer to the ratio of…

Q: Draw the Demand, Marginal Revenue, Marginal Cost, and Average Total Cost curves for a…

A: The monopolistic competition includes numerous organizations contending with one another, yet…

Q: Explain, with the aid of a graph, the short run and long run equilibrium position of a monopolistic…

A: Monopolistic competition: A monopolist refers to an individual, group, or company that dominates and…

Q: Which of the following are features of monopolistic competition? Choose all that apply.   a.…

A: There are different market structures, each with different characteristics. One such structure is…

Q: Assume firms in the short run are earning above-normal profits. Explain what will happen to these…

A: Normal profits(π) imply zero profit(π). This is the case where the total revenue(TR) equal to total…

Q: If one were to discuss why the term "monopolistic competition" is used, the best description would…

A: Out of the 4 market structures one of the market structure is the Monopolistic competition.

Q: Which of the following is the best example of a market with monopolistic competitors? Group of…

A: At the marketplace, there are different places to sell different types of products based on there…

Q: As firms enter and exit a monopolistically competitive market, what happens to productive efficiency…

A: In the Monopolistic competition, it can be seen that firms make short-run profit Maximizing decision…

Q: How does advertising impact monopolistically competitive firms?   Group of answer choices   1-It…

A: In monopolistic competition, the products are differentiated. Since there is product…

Q: Select an industry that belongs to any one of the four market structures— perfect competition,…

A: Perfect competition, monopolistic competition, oligopoly, and monopoly are the four types of…

Q: List four goods or services produced by an oligapolist that you have purchased. Why are these…

A: Four goods or services produced by a producer engaged in oligopoly are as follows.  Automobiles…

Q: The combined output of the firms in a monopolistically competitive market is _____________  the…

A: A monopolistically competitive market comprises of many sellers supplying similar but differentiated…

Q: An industry comprised of a small number of firms, each of which considers the potential reactions of…

A: If the industry consists of a small number of firms each having a potential reaction of its rivals…

Q: Productive and allocative efficiency are achieved in a [perfect, monopolistic or oligopoly] market…

A: 1) Productive and allocative efficiency is achieved in case of perfect competition.  Productive…

Q: Consider the markets for tap water, bottled water, cola, and beer. Assume there is only one provider…

A: Monopoly:   A monopoly is a market structure, which is characterized by a single seller selling a…

Q: There are thousands of wheat farmers who produce and sell wheat and there are millions of consumers…

A: The market is a location where the transaction of services and commodities takes place. It is…

Q: Answer all four questions! Is a monopolistically competitive firm productively efficient? How can…

A: Note:- Since we can only answer up to three subparts, we'll answer the first one, Please repost the…

Q: All firms in a monopolistically competitive industry face a ________ demand curve, so they have…

A: Monopolistic Competition refers to a form of market in which there are large numbers of buyer with…

Q: “In the long run, perfectly competitive firms and monopolistically competitive  firms will charge…

A: In perfectly competitive and monopolistic competitive market, there are no barriers to entry so…

Q: Explain whether a monopolistically competitive firm is able to achieve social efficiency in the…

A: Social efficiency has two parts: Allocative efficiency, where Price equals MC, and Productive…

Q: Which of these businesses are in monopolistic competition? Two clothing shops, one selling women…

A: Monopolistic competition refers to the market situation in which there are many buyers and many…

Q: Which of these markets is most likely to be identified as monopolistic competition?   Group of…

A: In case of monopolistic competition many firms offer the goods that are not that similar. (a) Shoes-…

Q: Which of the following is an example of a monopolistically competitive industry A.…

A: (C)

Q: Which of the following statements is true about the difference between monopoly and monopolistic…

A: A monopoly business model is what is going on where there is a solitary vendor on the lookout. In…

Q: Consider the following two industries the yogurt and automobile industry. Which industry would fit…

A: A place where the buyers interact with sellers and determine the mutually agreeable price level at…

Q: The theory of monopolistic competition explains economic behaviour in industries in which there are…

A: Answer: In monopolistic competition, there are many firms selling differentiated products. Since the…

Q: Define the following Perfect Competition Monopoly Monopolistic Competition Oilgopoly

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Compare and contrast the way that monopolistic competitors set price with the way that perfectly…

A: In general equilibrium theory, "perfect competition," sometimes known as "atomistic competition," is…

Q: Explain in detail the similarities and differences between Perfect competition and Monopolistic…

A: A market is a set of the processes, organizations, practices, social interactions or infrastructures…

Q: Use a set of graphs to demonstrate how a profit-maximizing monopolistically competitive firm…

A: Answer - Need to find - Use a set of graphs to demonstrate how a profit-maximizing monopolistically…

Q: In the framework of monopolistic competition, advertising works because it causes       the steeper…

A: Monopolistic competition is a competition where there are many buyers and sellers offering different…