evaluate and explain: a. compared to pure monopoly and pure competition, monopolistically competitive industries multiple choice 1 may earn economic profits. profits will remain constant as competitors enter, and there will be productive efficiency. may earn economic profits, but profits will diminish as competitors enter. there will be productive inefficiency. will earn economic profits. profits will remain constant as competitors enter, and there will be productive efficiency. will earn economic profits, but profits will diminish as competitors enter. there will be productive efficiency. b. true or false. in the long run, monopolistic competition leads to a monopolistic price but not to monopolistic profits. multiple choice 2 true, since p < mc, but the lack of available close substitutes pushes the price of the average firm up until it equals atc. true, since p > mc, but the availability of close substitutes pushes the price of the average firm down until it equals atc. false, since p < mc, but the lack of available close substitutes pushes the price of the average firm up until it equals atc. false, since p > mc, but the availability of close substitutes pushes the price of the average firm down until it equals atc.

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demisk7343 demisk7343

10-11-2022
Business

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evaluate and explain: a. compared to pure monopoly and pure competition, monopolistically competitive industries multiple choice 1 may earn economic profits. profits will remain constant as competitors enter, and there will be productive efficiency. may earn economic profits, but profits will diminish as competitors enter. there will be productive inefficiency. will earn economic profits. profits will remain constant as competitors enter, and there will be productive efficiency. will earn economic profits, but profits will diminish as competitors enter. there will be productive efficiency. b. true or false. in the long run, monopolistic competition leads to a monopolistic price but not to monopolistic profits. multiple choice 2 true, since p < mc, but the lack of available close substitutes pushes the price of the average firm up until it equals atc. true, since p > mc, but the availability of close substitutes pushes the price of the average firm down until it equals atc. false, since p < mc, but the lack of available close substitutes pushes the price of the average firm up until it equals atc. false, since p > mc, but the availability of close substitutes pushes the price of the average firm down until it equals atc.

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Tundexi Tundexi · Answer 1 · 2022-11-15T18:24:47+01:00

In the comparison of pure monopoly and pure competition, the monopolistically competitive industries might have economic profits, they will diminish as competitors enter, and there will be productive inefficiency. The Option C is correct.

What are monopolistically competitive industries?

The monopolistically competitive industries means those industries that contain more than a few firms, each of which offers a similar but not identical product. The fast food market is an example because the fast food market is quite competitive and yet each firm has a monopoly in its own product.

In the long run, the monopolistic competition leads to a monopolistic price but not to monopolistic profits, the statement is true since P > MC, but the availability of close substitutes pushes the price of the average firm down until it equals ATC. The Option A is correct.

What is a monopolistic competition?

A monopolistic competition occurs when many companies offer a competing products or services that are similar but not perfect or substitutes one. The barriers in a monopolistic competitive industry are low and the decisions of any one firm do not directly affect its competitors.

Read more about monopolistic competition

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