contestada

Below are eight descriptions of firms operating under various market conditions. For each item, determine whether the market is a monopoly or a market with perfect competition. Items (8 items) (Drag and drop into the appropriate area below) A firm in this market produces where P > MCA firm in this market may earn long-run economic profitsA firm in this market has no market powerA firm in this market has no competitorsA firm in this market cannot earn long-run economic profitsA firm in this market has significant market powerA firm in this market is one of many small competitorsA firm in this market produces where P = MC Categories Monopoly Drag and drop here Perfect Competition Drag and drop here.

Respuesta :

jepessoa

Answer:

A firm in this market produces where P > MC ⇒ MONOPOLY, in perfect competition markets, firms produce where P = MC

A firm in this market may earn long-run economic profits ⇒ MONOPOLY, on perfect competition markets firms cannot earn economic profit in the long run

A firm in this market has no market power ⇒ PERFECT COMPETITION

A firm in this market has no competitors ⇒ MONOPOLY (this is the definition of a monopoly)

A firm in this market cannot earn long-run economic profits ⇒ PERFECT COMPETITION

A firm in this market has significant market power ⇒ MONOPOLY, since the firm is the only supplier, it has a lot of bargaining power

A firm in this market is one of many small competitors ⇒ PERFECT COMPETITION

A firm in this market produces where P = MC ⇒ PERFECT COMPETITION

Otras preguntas