Question and answer
The difference between a perfectly competitive firm and a monopolistically competitive firm is that a monopolistically competitive firm faces 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 significant difference between monopoly and perfect competition is that

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 816|

User: The difference between a perfectly competitive firm and a monopolistically competitive firm is that a monopolistically competitive firm faces a A. horizontal demand curve and price equals marginal cost in equilibrium B. horizontal demand curve and price exceeds marginal cost in equilibrium C. downward-sloping demand curve and price equals marginal cost in equilibrium D. downward-sloping demand curve and price exceeds marginal cost in equilibrium

Weegy: B. horizontal demand curve and price exceeds marginal cost in equilibrium
uxiali|Points 1590|

User: As long as marginal cost is below marginal revenue, a perfectly competitive firm should A. increase production B. hold production constant C. decrease production D. reconsider past production decisions

Weegy: if the cost is less than the reward, them the company would want to increase production, A.
grant-laura|Points 10|

User: Because a monopolistic competitor has some monopoly power, advertising to increase that monopoly power makes sense as long as the marginal A. benefit of advertising is positive B. cost of advertising is positive C. benefit of advertising exceeds the marginal cost of advertising D. cost of advertising exceeds the marginal benefit of advertising

Weegy: The answer is C. benefit of advertising exceeds the marginal cost of advertising.
jeifunk|Points 9995|

User: In the Flint Hills area of Kansas, proposals to build wind turbines to generate electricity have pitted environmentalist against environmentalist. Members of the Kansas Sierra Club support the turbines as a way to reduce fossil fuel usage, while local chapters of the Nature Conservancy say they will befoul the landscape. The Sierra Club argues that wind turbines A. are a source of negative externalities B. reduce negative externalities elsewhere in the economy C. create a free-rider problem D. are a way of solving a free-rider problem

User: When negative externalities are present, market failure often occurs because

Weegy: When negative externalities are present, market failure often occurs because the marginal cost resulting from the activity is not reflected in the market price
bibiolay17|Points 81|

User: A merger between a textile mill and a clothing manufacturing company would be considered a A. horizontal merger B. vertical merger C. conglomerate merger D. diagonal merger

Weegy: A merger between a textile mill and a clothing manufacturing company would be considered a verticle merger.
A vertical merger involves firms that have a current or potential buyer-seller relationship.

Read more: Types of Business Mergers | eHow.com


User: A merger between a textile mill and a clothing manufacturing company would be considered a

Weegy: A merger between a textile mill and a clothing manufacturing company would be considered a B) vertical merger.
jher000|Points 8065|

User: A merger between a baby food company and a life insurance company would be considered a

User: From the point of view of consumer and producer surplus, what problem may be created when a country subsidizes the cost of energy to consumers to help alleviate the burden of higher energy costs?

Weegy: Problem may be created when a country subsidizes the cost of energy to consumers to help alleviate the burden of higher energy costs because It leads to less fuel being used than the amount that maximizes [ consume ]
emdjay23|Points 1887|

User: Suppose people freely choose to spend 40 percent of their income on health care, but the government decides to tax 40 percent of a person's income to provide the same level of coverage as before. What can be said about deadweight loss in each case?

Weegy: Taxing income results in deadweight loss, while purchasing health care on one's own does not result in deadweight loss.
uxiali|Points 1590|

User: The U.S. textile industry is relatively small because the US imports most of its clothing. A clear result of the importation of clothing is

Weegy: The U.S. textile industry is relatively small because the US imports most of its clothing. A clear result of the importation of clothing is there is less variety available than there would be without imports.
jeifunk|Points 9995|

User: Countries can expect to gain from international trade as long as they



Question
Asked 7/15/2013 8:21:02 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.
Questions asked by the same visitor
1) An economist who is studying the relationship between the money supply, interest rates, and the rate of inflation is engaged in A. microeconomic research B. macroeconomic research C. theoretical research, because there is no data on these variables D. empirical research, because there is no economic theory related to these variables
Weegy: An economist who is studying the relationship between the money supply, interest rates, and the rate of inflation is engaged in B. macroeconomic research User: After several years of slow economic growth, world demand for petroleum began to rise rapidly in the 1990s. Much of the increase in demand was met by additional supplies from sources outside the Organization of Petroleum Exporting Countries (OPEC). OPEC, during this time, was unable to restrain output among members in its effort to lift oil prices. What best describes these events? Weegy: The rise in demand reflects a movement down along the demand curve as supply shifted to the right when suppliers produced more oil. User: Price elasticity of demand is the: A. change in the quantity of a good demanded divided by the change in the price of that good B. change in the price of a good divided by the change in the quantity of that good demanded C. percentage change in price of that good divided by the percentage change in the quantity of that good demanded D. percentage change in quantity demanded of a good divided by the percentage change in the price of that good Weegy: A. change in the quantity of a good demanded divided by the change in the price of that good. User: If average movie ticket prices rise by about 5 percent and attendance falls by about 2 percent, other things being equal, the elasticity of demand for movie tickets is about: A. 0.0 B. 0.4 C. 0.6 D. 2.5 Weegy: If average movie ticket prices rise by about 5 percent and attendance falls by about 2 percent, other things being equal, [ the elasticity of demand for movie tickets is about 0.4 since Price Elasticity (PED or Ed) = Change in Quantity / Change in Price ] User: When labor is the variable input, the average product equals the A. marginal product divided by the number of workers B. marginal product multiplied by the number of workers C. number of workers divided by the ... (More)
Question
Expert Answered
Asked 7/15/2013 7:54:08 PM
0 Answers/Comments
18,803,219 questions answered
Popular Conversations
Write an equation that represents the problem, then solve the ...
Weegy: 4*6=x
12/21/2014 10:22:19 AM| 2 Answers
Multiply. (-8.7)(-1.1) User: divide -5/-20
Weegy: The answer is 100
12/21/2014 10:42:03 AM| 2 Answers
definition of technical writing
Weegy: Writing is language in a textual medium through the use of a set of signs or symbols (known as a writing ...
12/21/2014 2:20:26 PM| 2 Answers
According to MyPlate, you should eat approximately two cups of ...
Weegy: MyPlate illustrates the five food groups that are the building blocks for a healthy diet using a familiar image ...
12/22/2014 1:05:21 AM| 2 Answers
Referencing the product below, what is one serving size in ...
Weegy: Acne is caused by: HORMONES. User: Organic foods tend to have higher levels of nutrients than nonorganic ...
12/22/2014 1:24:15 AM| 2 Answers
Hypothesis testing is sometimes called
Weegy: A hypothesis is an educated guess about how things work. User: Hypothesis testing is sometimes called ...
12/21/2014 1:54:44 AM| 1 Answers
how many years are in a lightyear?
12/21/2014 4:18:21 AM| 1 Answers
You can move the insertion point into the next text placeholder by ...
Weegy: You can move the insertion point into the next text placeholder by pressing the CTRL ENTER keyboard shortcut ...
12/21/2014 4:23:03 AM| 1 Answers
Bureaucratic capture is when
Weegy: Bureaucratic capture is the concept that bureaucracies, particularly government agencies or regulating bodies, ...
12/21/2014 8:39:24 AM| 1 Answers
The word "polygraph" means (Points : 2) many verbal cues. many ...
Weegy: The word "polygraph" means: All of the above
12/21/2014 8:43:30 AM| 1 Answers
Weegy Stuff
S
L
P
L
Points 1164 [Total 5008]| Ratings 0| Comments 1164| Invitations 0|Offline
S
L
Points 765 [Total 1456]| Ratings 1| Comments 755| Invitations 0|Offline
S
1
L
1
L
P
P
L
P
Points 695 [Total 14880]| Ratings 1| Comments 685| Invitations 0|Offline
S
Points 681 [Total 681]| Ratings 1| Comments 671| Invitations 0|Offline
S
P
C
L
P
L
1
Points 142 [Total 6461]| Ratings 1| Comments 132| Invitations 0|Offline
S
L
Points 83 [Total 1543]| Ratings 1| Comments 73| Invitations 0|Online
S
1
L
L
Points 33 [Total 6700]| Ratings 0| Comments 33| Invitations 0|Offline
S
Points 30 [Total 30]| Ratings 0| Comments 0| Invitations 3|Offline
S
Points 23 [Total 29]| Ratings 0| Comments 23| Invitations 0|Offline
S
Points 22 [Total 22]| Ratings 0| Comments 2| Invitations 2|Offline
Home | Contact | Blog | About | Terms | Privacy | Social | ©2014 Purple Inc.