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In the short-run, profits will only exist for monopolistically competitive firms. 22.

In the short-run, profits will only exist for monopolistically competitive firms.

 

22.              In the long-run, profits will exist for firms in monopolistically competitive firms but not
                            monopoly.

23.              In perfect competition, the long-run outcome is always maximum efficiency.

 

24.              Economists agree that large firms with big research budgets create most of the economy’s
                            technological progress.

25.              A monopolist’s goal is to maximize profit.

 

26.              Without product differentiation, it would be very difficult for firms to develop brand
                            loyalty.

27.              According to Alfred Marshall, small firms produce a good more efficiently than a
                            monopoly.

28.              In competitive industries, firms that innovate can expect to make no profit in the short
                            run.

29.              The MR = MC rule for profit maximization applies to monopolists, as well as to firms in
                            perfect competition.

30.              A perfectly competitive firm’s long-run supply curve is that part of its MC curve that lies
                            above the point where MC = AVC.

Dec 09 2019 Read more Less More

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