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Describe the features of monopolistic competition: a. How is it similar to monopoly? b. How isnit similar to perfect competition? c. What are the characteristics of short-run equilibrium? d. What are the characteristics of long-run equilibrium? e. How is long-run equilibrium attained?

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Reid Wolff
Reid WolffLv2
19 Mar 2018
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Related questions

1a. Compare the characteristics of monopoly, oligopoly, and monopolistic competition. 

1b. Compare the demand curves for Monopoly (M), Oligopoly (O), and Monopolistic Competition (MC) in terms of their steepness and elasticity. What about their characteristics might make cause this to occur? 

1c. Firms experience losses, normal profits, and economic profits. Explain why M and O tend to experience economic profits in the long run. 

1d. Explain why MC can experience economic profits in the short run but not the long run. 

1e. Compare MC and pure competition in terms of normal profits in the long run. Why must this occur? (10)

 

78) Given monopolistic competition, the situation depicted in the diagram A) could be a short run equilibrium, but is not a long run equilibrium. B) is not a short run equilibrium, but could be a long run equilibrium. C) could be neither a short run equilibrium nor a long run equilibrium. D) could be both a short run equilibrium and a long run equilibrium, E) is both a short run equilibrium and a long run equilibrium.

What are the characteristics of perfect competition? Why does this type of fast-food restaurant tend to display characteristics of perfect competition?

Imagine you are running a firm with the characteristics of a perfectly competitive firm. Describe how your firm would maximize its short-run profits.

Why might firms in perfect competition choose to be open on Monday, typically the slowest day of the week, when their revenues do not seem to be sufficient to warrant doing so?

What are the long-run benefits of running a firm in perfect competition?

Under what conditions would your value-menu fast-food restaurant decide to be open on Mondays, and when would it decide not to be open on Mondays? When is losing money on Mondays still a good business decision?

Explain how your experience as a manager would change if the value-menu fast-food restaurant you were in charge of operated under a different market structure?monopolistic competition, oligopoly, and monopoly. For example, in each case, how would you decide what price to charge? What would your profits look like? Would consumers be better off in terms of welfare, when you compare a firm in monopolistic competition, oligopoly, and monopoly to one in perfect competition?

Two sources in addition to your textbook are required for this paper.

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