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.
26,488,623 questions answered
Popular Conversations
The following two sentences are saying the same thing. Emily, my ...
Weegy: The following two sentences are saying the same thing. Emily, my daughter, is in sixth grade. Emily, my daughter ...
11/13/2017 12:26:02 PM| 3 Answers
3.85 x 10^-3
Weegy: (3.85 x 10) - 3 User: Give the number of significant figures in this number: 40.00 Weegy: number of ...
11/15/2017 9:18:26 AM| 2 Answers
Solve for x in the equation 6x = 42.
Weegy: 6x = 42
11/8/2017 11:42:29 AM| 2 Answers
4y + 228 = 352.
Weegy: 4y + 228 = 352
11/8/2017 11:59:04 AM| 2 Answers
Coefficient of 2xy^3
11/8/2017 12:00:24 PM| 2 Answers
Weegy Stuff
S
L
P
Points 166 [Total 291] Ratings 9 Comments 76 Invitations 0 Offline
S
P
P
L
P
P
Points 20 [Total 1658] Ratings 0 Comments 20 Invitations 0 Offline
S
P
L
P
Points 20 [Total 150] Ratings 0 Comments 20 Invitations 0 Offline
S
Points 1 [Total 1] Ratings 0 Comments 1 Invitations 0 Offline
S
Points 1 [Total 1] Ratings 0 Comments 1 Invitations 0 Offline
S
Points 1 [Total 1] Ratings 0 Comments 1 Invitations 0 Offline
S
Points 1 [Total 1] Ratings 0 Comments 1 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.