please make your understanding to explain the difference between long run equilibrium in perfect competition market and monopolistic competition market.
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please make your understanding to explain the difference between long run equilibrium in
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- What is market structure ? Explain main characteristics of : A • Perfectly competitive structure B • Monopolistic competition / Imperfectly competitive market structureLook for the definition of the following terms: 1. perfect competition 2. product homogeneity 3. free entry 4. price-taking behavior 5. competitive selection 6. monopolistic completionWhat is perfect competition? Distinguish it to monopolistic competition.
- Compare and contrast monopolistic competition and perfect competition market structures in the Long-run. with diagram.What is the best market structure between perfect competition vs monopolistic competition? Why? Explain.Distinguish between the features of perfect competition and monopolistic competition. Give real world examples of each of these types of markets.
- Explain what is Perfect Competition with example and list 3 features of PerfectCompetition market?What does it mean to say that: “A firm operating under perfect competition conditions is a price taker"?Why Can't this firm set any price it chooses? What if it operates in a monopolistically competitive market, would it be able to set the price? Why? Give some real life examples to support your answer.What does it mean to say that: “A firm operating under perfect competition conditions is a price taker"?Why Can't this firm set any price it chooses? What if it operates in a monopolistically competitive market, would it be able to set the price? Why? Give some real-life examples to support your answer.Discuss the rationale behind the principle “marginal revenue equal marginal cost" condition for profit maximization.
- The market structure of the local coffee shop industry is monopolistic competition. Suppose that currently each coffee shop incurs a loss (SR profits are negative) at Q*. a. Draw a graph for a typical coffee shop to show this SR situation. b. Explain what will happen as this industry moves to the LR and show it in a graph c. Show the DWL relative to the efficient level of output (P = MC) on your LR graph.One useful way of analyzing the nature of competition in an industry has been suggested by Porter's ' five forces model of competition . Discuss Porters five forces model . Relate your answer to Ryanair .If perfectly competitive firms and monopolistic firms are not commonplace in the United States, why do we study them? Include at least 2 outside sources.
