Notice: Payments for answers will end 4/10/2017. Click for more info.
You have new items in your feed. Click to view.
Question and answer
Q: The difference between a perfectly competitive firm and a monopolistically competitive firm is that a monopolistically competitive firm faces a
A: Monopolistic Competition A type of competition within an industry where: 1. All firms produce similar yet not perfectly substitutable products. 2. All firms are able to enter the industry if the profits are attractive. 3. [ All firms are profit maximizers. 4. All firms have some market power, which means none are price takers. Monopolistic competition differs from perfect competition in that
production does not take place at the lowest possible cost. Because of this, firms are left with excess production capacity. This market concept was developed by Chamberlain (USA) and Robinson (Great Britain). Perfect Competition A market structure in which the following five criteria are met: 1. All firms sell an identical product. 2. All firms are price takers. 3. All firms have a relatively small market share. 4. Buyers know the nature of the product being sold and the prices charged by each firm. 5. The industry is characterized by freedom of entry and exit. Sometimes referred to as "pure competition". Perfect competition is a theoretical market structure. It is primarily used as a benchmark against which other market structures are compared. The industry that best reflects perfect competition in real life is the agricultural industry. ]
Get an answer
Original conversation
User: A monopoly firm is different from a competitive firm in that

User: The difference between a perfectly competitive firm and a monopolistically competitive firm is that a monopolistically competitive firm faces a

Weegy: Monopolistic Competition A type of competition within an industry where: 1. All firms produce similar yet not perfectly substitutable products. 2. All firms are able to enter the industry if the profits are attractive. 3. [ All firms are profit maximizers. 4. All firms have some market power, which means none are price takers. Monopolistic competition differs from perfect competition in that production does not take place at the lowest possible cost. Because of this, firms are left with excess production capacity. This market concept was developed by Chamberlain (USA) and Robinson (Great Britain). Perfect Competition A market structure in which the following five criteria are met: 1. All firms sell an identical product. 2. All firms are price takers. 3. All firms have a relatively small market share. 4. Buyers know the nature of the product being sold and the prices charged by each firm. 5. The industry is characterized by freedom of entry and exit. Sometimes referred to as "pure competition". Perfect competition is a theoretical market structure. It is primarily used as a benchmark against which other market structures are compared. The industry that best reflects perfect competition in real life is the agricultural industry. ]
Marvel2|Points 656|

Question
Asked 7/2/2013 5:57:21 PM
0 Answers/Comments
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
25,771,985 questions answered
Popular Conversations
The evolution of agricultural practices ultimately led to the ...
Weegy: The evolution of agricultural practices ultimately led to the development of towns and cities.
6/23/2017 10:56:18 AM| 1 Answers
A batholith is a mass of rock that forms when a large body of magma ...
Weegy: A batholith is a mass of rock that forms when a large body of magma cools inside the crust. TRUE.
6/25/2017 1:54:48 AM| 0 Answers
Earth’s lithosphere is composed of a. the crust only. b. the mantle ...
Weegy: The LITHOSPHERE is the part of the Earth composed of the crust and upper mantle.
6/25/2017 1:50:09 AM| 0 Answers
Radioactive isotopes are used to a. determine the absolute age of ...
Weegy: Radioactive isotopes are used to determine the absolute age of rocks.
6/25/2017 1:43:13 AM| 0 Answers
Magma that hardens vertically underneath the surface will form a ...
Weegy: Magma that hardens vertically underneath the surface will form a sill. FALSE.
6/25/2017 1:22:58 AM| 0 Answers
The ADA states that a service animal can be any animal that the ...
Weegy: The ADA states that a service animal can be any animal that the passenger deems a service animal and must be ...
6/25/2017 12:55:37 AM| 0 Answers
Waves that cause the most damage during an earthquake are waves.
Weegy: Waves that cause the most damage during an earthquake are surface waves.
6/25/2017 12:53:18 AM| 0 Answers
Which of the following would be considered a negative side effect of ...
Weegy: Threats of dangerous flooding would be considered a negative side effect of settling near a river bed.
6/23/2017 11:35:22 AM| 0 Answers
Most scientists and anthropologists agree that early humans first ...
Weegy: Most scientists and anthropologists agree that early humans first emerged in AFRICA.
6/23/2017 10:53:42 AM| 0 Answers
A paragraph that has its topic sentence first is _____. a rectangle ...
Weegy: A paragraph that has its topic sentence first is an inverted triangle.
6/23/2017 10:25:31 AM| 0 Answers
Desert plants are often widely spaced due to competition for ...
Weegy: Desert plants are often widely spaced due to competition for rainwater. TRUE.
6/23/2017 10:16:15 AM| 0 Answers
Weegy Stuff
S
L
Points 40 [Total 1381] Ratings 0 Comments 0 Invitations 4 Offline
S
Points 17 [Total 17] Ratings 0 Comments 7 Invitations 1 Offline
S
Points 14 [Total 14] Ratings 1 Comments 4 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 0 Comments 0 Invitations 1 Offline
S
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
S
R
Points 3 [Total 19] Ratings 0 Comments 3 Invitations 0 Offline
S
Points 3 [Total 3] Ratings 0 Comments 3 Invitations 0 Offline
S
Points 2 [Total 2] Ratings 0 Comments 2 Invitations 0 Offline
S
Points 2 [Total 72] Ratings 0 Comments 2 Invitations 0 Offline
S
Points 1 [Total 1] Ratings 0 Comments 1 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.