Asked by Johana Madrid on May 16, 2024
Verified
The economic profits earned by monopolistically competitive sellers are zero in the long run.
Economic Profits
The difference between total revenue and total costs, including both explicit and implicit costs, representing the excess that remains after all costs have been accounted for.
Monopolistically Competitive
Describes a market structure where many companies sell products that are similar but not identical, allowing for competition based on factors other than price, such as quality and branding.
- Get a grip on the variety of market schemes, such as monopoly, oligopoly, monopolistic competition, and flawless competition.
- Appraise the extended economic results for organizations in diverse market environments.
Verified Answer
Learning Objectives
- Get a grip on the variety of market schemes, such as monopoly, oligopoly, monopolistic competition, and flawless competition.
- Appraise the extended economic results for organizations in diverse market environments.
Related questions
Two Industries That Have the Same Four-Firm Concentration Ratio Can ...
Generally Speaking,oligopolistic Industries Producing Raw Materials and Semifinished Goods Usually ...
The Demand Curve of a Monopolistically Competitive Producer Is Less ...
(Last Word)In the Internet Search Market ...
The Excess Capacity Problem Associated with Monopolistic Competition Implies That ...