Which occurs where average total cost curve tangent to firm

Reference no: EM131004030

1. In the short run, monopolistic competitors that can at least cover their average variable costs will maximize prof- its or minimize losses by producing where marginal revenue equals marginal cost. In the long run, easy entry and exit of firms ensures that monopolistic competitors earn only a normal profit, which occurs where the average total cost curve is tangent to a firm's downward-sloping de- mand curve.

2. An oligopoly is an industry dominated by a few sellers, some of which are large enough relative to the market to influence the price. In undifferentiated oligopolies, such as steel or oil, the product is a commodity. In differentiated oligopolies, such as automobiles or breakfast cereals, the product differs across firms.

Reference no: EM131004030

Questions Cloud

What is the radius of rotation for the slice : What are the dimensions (length and witdth) of the slice? What is the radius of rotation for the slice? Sketch the graph of the region R. Include a slice that shows how the integral in Problem 3 was set up.

Explain hierarchical task analysis : Explain "hierarchical task analysis" and describe how you could incorporate this into the analysis of a project-related prototype. b. Briefly explain how you would interpret and integrate results from the analysis of a prototype into design or re-..

Develop a risk register and prepare a report : Develop a risk register and prepare a report - Develop a risk register using information sourced from a document such as an existing Job Safety Analysis or similar tool

Multiple choice test from spring 2001 : The following data represent the number of colour television sets manufactured each day at a given factory, for a random sample of 15 days.

Which occurs where average total cost curve tangent to firm : An oligopoly is an industry dominated by a few sellers, some of which are large enough relative to the market to influence the price. In undifferentiated oligopolies, such as steel or oil, the product is a commodity. In differentiated oligopolies,..

Importance of the project leader attitude : Explain, in no more than 700 words, the importance of the project leader's attitude and leadership in reporting progress to stakeholders and senior management

Knowledge of procurement practices : Please answer the competencies below;Ability to understand and apply procedures, regulations and laws. Knowledge of procurement practices. Knowledge of appropriations and obligations relating to accounts

Find an example of a leader in the public sector : Find an example of a leader in the public sector who successfully issued strategic leadership principles to effectively lead an organization as well as a example of a leader in the public sector who did not use strategic leadership principles and ..

Express the length of the curve as a definite integral : Express the length of the curve as a definite integral. Obtain a numerical approximation to the value of the integral derived in (c). Describe the curve in terms of the intersection of two surfaces in space.

User Account

All Pages