Asked by Football news With Scott and Lucas on Jun 03, 2024
Verified
Industries that are made up of many competing producers,each selling a differentiated product,and whose firms earn zero economic profits in the long run are:
A) perfectly competitive.
B) monopolies.
C) oligopolies.
D) monopolistically competitive.
Zero Economic Profits
A situation where a firm's total revenues exactly equal its total costs, including opportunity costs, resulting in neither economic profit nor loss.
Monopolistically Competitive
Describes a market structure where many firms sell products or services that are similar but not identical, allowing for competition but also some level of pricing power.
- Examine and differentiate between monopolistic competition and various other market structures.
Verified Answer
Learning Objectives
- Examine and differentiate between monopolistic competition and various other market structures.
Related questions
In the Long Run,perfect Competitors and Monopolistic Competitors Are Similar ...
Monopolistically Competitive and Purely Competitive Industries Are Similar in That ...
Economic Analysis of a Monopolistically Competitive Industry Is More Complicated ...
Long-Run Equilibrium for a Monopolistically Competitive Firm Where Economic Profits ...
Use Your Basic Knowledge and Your Understanding of Market Structures ...