There are no long run econoic profit in monopolistic competition although there may be economic profit in the shprt run. Do you agree? Explain using Illustrations

Q: 2. Draw a graph which depicts a short-run equilibrium that will cause exit of firms from a…

A: Under the mentioned market structure, there are few firms selling differentiated but substitutable…

Q: In the long run monopolistically competitive firms are inherently inefficient. do you agree? explain

A: Monopolistic competition is a market structure where many producers sell differentiated goods.…

Q: The firm's fixed cost is $5 a day and its marginal cost is $1. The table below shows the demand…

A: Elasticity of demand  refers to the percentage change in quantity demanded due to the percentage…

Q: graph depicts the long run average total cost curve for Judy's Gyros - a fast food firm in a…

A: In the long run under monopolistic market firms has EXCESS CAPACITY  Firms operate at less than…

Q: The Economic Census revealed that the HHI for fast-food restaruants in the United States is equal to…

A: HHI is a measure of market concentration.

Q: MC ATC G. AVC D MR Quantity he profit-maximizing firm illustrated in Figure 10-1 operates in a…

A: A monopolistically competitive firm produces at the intersection point of MR and MC in the short…

Q: Explain monopolistic competition.  How is it similar to perfect competition?  How does it differ…

A: Monopolistic competition is the mixture of Monopoly and competition. It is the market fairly large…

Q: 4. Explain the significant difference of the product distributed by a perfect competition which is…

A:

Q: Andrea’s Day Spa began to offer a relaxing aromatherapy treatment. The firm asks you how much to…

A: Total Revenue: TR = P.Q Marginal Revenue: MR = TRn - TRn-1 Average Cost: AC = TCQ Marginal Cost: MC…

Q: c. Sketch a graph showing long run equilibrium in monopolistic competition.

A: Monopolistic is a form of market in which there are large number of firms which are selling the…

Q: What does it mean to say that: “A firm operating under perfect competition conditions is a price…

A: A firm operating under perfect competition condition is a price taker" because in perfect…

Q: (i) Use the graph below to explain the output, profit and loss conditions for monopolistically…

A: Below is the edited graph:

Q: Fill in the columns in the following table. What quantity should a profit-maximizing firm produce?…

A: Total Cost (TC): - it is the sum of fixed and variable costs incurred in the production process.…

Q: The graph shows the cost curves, demand curve, and marginal revenue curve of a firm in monopolistic…

A: Monopolists would like to maximize the profit by producing at a unit where Marginal Revenue is equal…

Q: Below is a graphical illustration ofa typical firm operating in a monopolistically competitive…

A: Monopolistically competitive industry is the industry in which there are large number of sellers…

Q: Complete the following table showing the demand for snow skiing lessons per day. Do this by filling…

A:

Q: Draw a diagram of a monopolistically competitive firm showing the firm earning profits in the short…

A: In the short run, the firm makes an economic profit and this economic profit attracts the other…

Q: 27. The major difference between perfect competition and monopolistic competition is

A: To find : Major difference between perfect competition and monopolistic competition.

Q: (i) Use the graph below to explain the output, profit and loss conditions for monopolistically…

A: Below is the graph:

Q: Maria manages a​ bakery, that specializes in ciabatta​ bread, and has the following information on…

A: For profit-maximization, firms have to take into the total-cost(TC) and the total revenue(TR) from…

Q: What is the shape of the Demand curve under the monopolistic competition i only need the explanation…

A: There are different types of market for different products due to which there demand and supply…

Q: What is perfect competition? Distinguish it to monopolistic competition

A: Perfect Competition in actual world is a imaginary market that is it does not exists in the real…

Q: We now assume the firm producing a steel bar is under monopolistic competition. When the price of…

A: First off all we need to calculate the demand equation. A linear demand function is of the form : Q…

Q: Consider the diagram below depicting the revenue and cost conditions faced by a monopolistically…

A: Monopolistic competition refers to the competition where the firms produce close substitutes.…

Q: 25 ATC 25 ÁTC 20 15 DD 10 5 MR 10 20 30 40 50 60 70 80 90

A: A monopolistic competitive firm will be in equilibrium when its profit is maximized or loss is…

Q: h of the following sellers is most likely to be selling in a monopolistically competitive market? t…

A: In a monopolistic competitive market there are large number of firms producing similar but not…

Q: Which of the following is the best example of a monopolistically competitive industry? O land-based…

A: Manufacturing of shirts is the best example of a monopolistically competitive industry, since the…

Q: uppose two firms, Genera Pharma and Futura Pharma, are the only two producers of a pecific drug.…

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

Q: competitive firm's are inherently inefficient Do you agree? Explain.

A: Monopolistic competition is a market where in large number of buyers exist sell homogenous products…

Q: what is monopolistic competition? (50 WORDS)

A: Structure of the market is classified on the basis of number of buyers and sellers, product…

Q: Solve the attachment

A: Profits are the excess of revenue receipts that firms earn over the costs incurred in production.

Q: Why monopolistic competition is less efficient than perfect competition. Explain your answei.

A: A market is a place or a region where the buyers and sellers interact with each other to exchange…

Q: How would you best describe the economic profit (or loss) at the profit maximizing quantity q* in…

A: There are a large number of firms manufacturing differentiated items in a monopolistically…

Q: ow many of the following statements are true about monopolistic competition at long run equilibrium

A: In Monopolistically competitive market, the sellers sell differentiated products which are close…

Q: cceptabl

A: Monopolistic competition is a type of imperfect competition where there are many producers who are…

Q: The figure below shows a monopolistically competitive market for a fictional brand of shampoo called…

A: In a monopolistic competitive market, profit is maximised at a point where marginal revenue is equal…

Q: The table below shows the total cost and marginal cost for Choco Lovers, a monopolistic firm…

A: Profit is maximized when firms produce output where marginal revenue is equal to marginal cost and…

Q: Q4. Answer the following questions: a. Why do economists regard normal profit as a cost? b. Explain…

A: Why do economists regard normal profit as a cost? Answer: If a firm earns normal profit, it means…

Q: please make your understanding to explain the difference between long run equilibrium in perfect…

A: Meaning of Perfect Competition: The term perfect competition refers to the market under which…

Q: (i) Use the graph below to explain the output, profit and loss conditions for monopolistically…

A: Below is the edited graph:

Q: With examples explain the long-run characteristics of firms in monopolistic competition Use the…

A: Firms in the long run under monopolistic competition earn a normal profit as the market is…

Q: Is it possible for monopolistic firms to make supernormal profit/ positive profit in long run?…

A: Monopolistic competition is a market structure where large number of sellers exist to produce…

Q: 1. Consider the following graph: Price (dollars per cup) $6.00 MC ATC 3.50 Profit 2.50 Demand 0 1 2…

A: The pure competitive industry has colossal number of business units and buyers interacting with each…