Each of the statements below describes a characteristic of the following market structures: perfect competition (PC), monopolistic competition (MC), oligopoly (O), and monopoly (M). For each market structure, determine whether it displays each of the characteristics. Do indicating Y (for yes) or N (for no) in the response box for each market structure. (There may be multiple Ys for each characteristic.) b. price is greater than marginal revenue c. each firm produces at MES in long-run equilibrium d. firms earn profit in long-run equilibrium e. firms produce a homogeneous product f. firms advertise their product g. each firm produces output where MC = MR h. each firm produces output where P = MC i. there is free entry to the industry j. firms produce a differentiated product PC N PC Y PC N PC Y PC N PC Y PC Y PC Y PC L MC Y MC N MC N MC N MC Y MC Y MC N MC Y MC U z oo N 0 Y 0 N 0 Y 0 Y 0 o z N ZO 0 PE M Y M N M Y M N M N M Y M N M N M

Each of the statements below describes a characteristic of the following market structures: perfect competition (PC), monopolistic competition (MC), oligopoly (O), and monopoly (M). For each market structure, determine whether it displays each of the characteristics. Do indicating Y (for yes) or N (for no) in the response box for each market structure. (There may be multiple Ys for each characteristic.) b. price is greater than marginal revenue c. each firm produces at MES in long-run equilibrium d. firms earn profit in long-run equilibrium e. firms produce a homogeneous product f. firms advertise their product g. each firm produces output where MC = MR h. each firm produces output where P = MC i. there is free entry to the industry j. firms produce a differentiated product PC N PC Y PC N PC Y PC N PC Y PC Y PC Y PC L MC Y MC N MC N MC N MC Y MC Y MC N MC Y MC U z oo N 0 Y 0 N 0 Y 0 Y 0 o z N ZO 0 PE M Y M N M Y M N M N M Y M N M N M

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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