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What important characteristics do all three types of imperfectly competitive firms share?
1.They all involves sellers and buyers
2.They both involves commodities which are bought and sold despite the fact that are either differentiated or homogeneous
3.They do not necessarily involves a specific place[area] for the transctions to be conducted
4.All are types of imperfect market structure(ie. monopoly, oligopoly,monopson, etc.)
5.They all depends on price and quantity
What else can I help you with?
Characteristic do all three types of imperfectly competitive firms share?
What important charactertistic do all three types of imperfectly competitive firms share?
What important chracteristic do all three types of imperfectly competitive firms share?
They all have downward sloping demand curve
Why is demand greater than marginal revenue for all imperfectly competitive firms?
In imperfectly competitive markets, firms have some control over the prices they charge. Demand is greater than marginal revenue for these firms because they must lower prices to sell more products, which reduces the revenue they earn on each additional unit sold. This is because they face downward-sloping demand curves, meaning they have to lower prices to attract more customers.
What are the key characteristics of a perfectly competitive market in the long run?
In a perfectly competitive market in the long run, key characteristics include: many buyers and sellers, identical products, free entry and exit of firms, perfect information, and firms earning normal profits.
What market characteristics suggests that purely competitive firms have only weak incentives to innovate?
Economies of scale
Characteristic do all three types of imperfectly competitive firms share?
What important charactertistic do all three types of imperfectly competitive firms share?
What important chracteristic do all three types of imperfectly competitive firms share?
They all have downward sloping demand curve
Why is demand greater than marginal revenue for all imperfectly competitive firms?
In imperfectly competitive markets, firms have some control over the prices they charge. Demand is greater than marginal revenue for these firms because they must lower prices to sell more products, which reduces the revenue they earn on each additional unit sold. This is because they face downward-sloping demand curves, meaning they have to lower prices to attract more customers.
What is imperfectly imitable?
Being imperfectly imitable means that the key resources used are impossible, extremely costly or difficult for other firms to duplicate.
What are the key characteristics of a perfectly competitive market in the long run?
In a perfectly competitive market in the long run, key characteristics include: many buyers and sellers, identical products, free entry and exit of firms, perfect information, and firms earning normal profits.
What market characteristics suggests that purely competitive firms have only weak incentives to innovate?
Economies of scale
Perfect competition is efficient in the long run because price marginal cost and firms are producing at minimum?
Perfect competition is efficient in the long run because price _____ marginal cost and firms are producing at minimum _____.
Characteristics of a monopolistic competitive market?
one firm which sells a good price set by that firm hard for other firms to enter market
What competitive environmental forces influence the firms strategy?
The competitive environmental forces influence the firms customers, rival firms, new entrants, substitutes, and supplies.
Do perfectly competitive firms advertise?
Perfectly competitive firms would not advertise as advertising would serve no purpose. A market that is perfectly competitive exists only in theory.
Why Japanese Firms tend to be so competitive?
Japanese firms are competitive because they want to make a profit. They typically do this by expanding outside of Japan.
What are two perfectly competitive firms?
None
