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Characteristic do all three types of imperfectly competitive firms share?
What important charactertistic do all three types of imperfectly competitive firms share?
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.
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 _____.
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.
Competitive firms are assumed to do what?
Be price takers.
Characteristic do all three types of imperfectly competitive firms share?
What important charactertistic do all three types of imperfectly competitive firms share?
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.
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 _____.
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
Competitive firms are assumed to do what?
Be price takers.
Does monopolistically competitive firms have horizontal marginal cost curve?
No it does not. Only Perfectly Competitive firms have a horizontal Marginal Cost curve, which is also there demand curve.
Monopolistically competitive firms are typically characterized by?
many firms selling products that are similar, but not identical.
Monopolistically competitive firms may not be able to produce goods at the lowest possible average cost. This statement is describing how monopolistically competitive firms might be?
without economies of scale
