These are all short answer questions. No specific format.
1. There are both similarities and differences between perfect competition and monopolistic competition in the long run. Based on your understanding of this, write a summary of to what extent the two market structures will yield different long run outcomes in terms of: (1) the relationship between price and marginal cost at the quantity the firm decides to produce, and (2) the relationship between marginal cost and average total cost at the quantity that the firm decides to produce. Also, briefly discuss what these differences have to do with the efficiency of the typical firms under these different forms of competition?
* Monopolistic competition is a market structure that shares both some of the characteristics of competitive markets and yet each firm makes decisions in much the same way as a monopoly would.
Monopolistic competitors are like monopolists in that firms under both market structures face downward-sloping demand curves. Each firm in monopolistic markets produces a unique product that is in some way differentiated from what is offered by its competitors. So, the firms market power comes from differentiated products. Examples include local restaurants, dry cleaners, convenience stores, vintage wine, etc. The analyses of output and pricing policies are similar in the cases of monopolistic competition and monopoly. The difference between monopoly and monopolistic competition lies in the fact that in monopolistic competition, economic profits invite entry of new competitors which bring down the profits of incumbent firms.
Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?
Whichever your reason may is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.
Our essay writers are graduates with diplomas, bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college diploma. When assigning your order, we match the paper subject with the area of specialization of the writer.
- Plagiarism free papers
- Timely delivery
- Any deadline
- Skilled, Experienced Native English Writers
- Subject-relevant academic writer
- Adherence to paper instructions
- Ability to tackle bulk assignments
- Reasonable prices
- 24/7 Customer Support
- Get superb grades consistently
1. Place an order
You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.
2. Pay for the order
Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.
3. Track the progress
You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.
4. Download the paper
The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.
PLACE THIS ORDER OR A SIMILAR ORDER WITH 24/7 ESSAY WRITERS TODAY AND GET AN AMAZING DISCOUNT
PLACE THIS ORDER OR A SIMILAR ORDER WITH ORDER YOUR ESSAY TODAY AND GET AN AMAZING DISCOUNT