Question 2: (a) Compare and contrast monopolistic competition and perfect competition market structures in the Long-run. Monopolistic competition market means a market where large companies compete for the same products or services. In this companies will have few barriers to entry and departure, and one firm's decisions will have an impact on its competitors. Monopolistic competition is a hybrid of monopoly Perfect competition market (b) Would a monopolist increase society's economic welfare? Click or tap here to enter text.

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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EN|¶
Book Title
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When a personal income increases the consumer will encourage the customers to make more dem
for the goods. Therefore the demand will get increase and the demand curve will shift rightward.
These will make an increase in price and quantity.
Question 2:
(a) Compare and contrast monopolistic competition and perfect competition market
structures in the Long-run.
Headin
Monopolistic competition market means a market where large companies compete for the same
products or services. In this companies will have few barriers to entry and departure, and one firm's
decisions will have an impact on its competitors. Monopolistic competition is a hybrid of monopoly
Perfect competition market
(b) Would a monopolist increase society's economic welfare?
Click or tap here to enter text.
Question 3:
(a) Define the Income elasticity of demand?
Click or tap here to enter text.
(b) What is a normal and an inferior good?
Click or tap here to enter text.
(c) Define the own-price elasticity of demand.
Transcribed Image Text:O Search (Alt+Q) Review View Help WPS PDF EN|¶ Book Title Emphasis Paragraph Styles When a personal income increases the consumer will encourage the customers to make more dem for the goods. Therefore the demand will get increase and the demand curve will shift rightward. These will make an increase in price and quantity. Question 2: (a) Compare and contrast monopolistic competition and perfect competition market structures in the Long-run. Headin Monopolistic competition market means a market where large companies compete for the same products or services. In this companies will have few barriers to entry and departure, and one firm's decisions will have an impact on its competitors. Monopolistic competition is a hybrid of monopoly Perfect competition market (b) Would a monopolist increase society's economic welfare? Click or tap here to enter text. Question 3: (a) Define the Income elasticity of demand? Click or tap here to enter text. (b) What is a normal and an inferior good? Click or tap here to enter text. (c) Define the own-price elasticity of demand.
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