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What does monopolistic competition and perfect competition have in common?
they maximize profit
Is product of shampoo include in monopolistic or perfect competition?
Monopolistic Competition
Is Best Buy an oligopoly or monopolistic competition?
monopolistic competition
Why can a firm in monopolistic competition make an economic profit only in the short run?
A firm in monopolistic competition can make an economic profit only in the short run because in the long run, other firms can enter the market and offer similar products, increasing competition and driving down prices, which reduces the firm's ability to maintain high profits.
When monopolistic competition is compared to perfect competition what can you generally expect with reguard to price output and profit?
We can expect that prices are higher, output is less, and profits are high er.
What does monopolistic competition and perfect competition have in common?
they maximize profit
Which is the main difference between perfect competition and monopolistic competition?
In monopolistic competition, sellers can profit from the differences between their products and other products.
Is product of shampoo include in monopolistic or perfect competition?
Monopolistic Competition
Is Best Buy an oligopoly or monopolistic competition?
monopolistic competition
Why can a firm in monopolistic competition make an economic profit only in the short run?
A firm in monopolistic competition can make an economic profit only in the short run because in the long run, other firms can enter the market and offer similar products, increasing competition and driving down prices, which reduces the firm's ability to maintain high profits.
When monopolistic competition is compared to perfect competition what can you generally expect with reguard to price output and profit?
We can expect that prices are higher, output is less, and profits are high er.
What is the explanation for the features of monopolistic competition?
Existence of large firms, no competition and influence over the prices are some of the characteristics of monopolistic competition.
What are the disadvantages of household in monopolistic competition?
The disadventages of this is that ... well it sucks muahhahaha Disadvantages of a household in monopolistic competition are that a monopolistic competition work as one big industy and no one can start there own bussinesses because they government will not allow it.
Why is monopolistic competition inefficient compared to perfect competition?
Monopolistic competition is inefficient compared to perfect competition because firms in monopolistic competition have some degree of market power, allowing them to set prices higher than in perfect competition. This leads to higher prices for consumers and less efficient allocation of resources. Additionally, firms in monopolistic competition may engage in non-price competition, such as advertising, which can further reduce efficiency.
Types of Market Competition?
Perfect Competition, Monopoly, Monopolistic Competition or Oligopoly
Why perfect competition also known monopolistic competition?
Perfect competition and monopolistic competition are distinct market structures, but they share some similarities. Perfect competition features many firms selling identical products, leading to no single firm influencing market prices. In contrast, monopolistic competition has many firms as well, but they sell differentiated products, allowing for some degree of market power. The term "monopolistic" in monopolistic competition refers to this ability of firms to set prices above marginal cost due to product differentiation, which is not present in perfect competition.
What are three types of business competition?
Pure Competition Monopolistic Competition Oligopoly Monopoly
