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What is Normal Profit and how is Normal Profit Calculated?[Chapter 8 The Competitive Firm ]
Define Market Structure in Economics? Define Perfect Competition. Define Imperfect Competition. [Chapter 8 The Competitive Firm]

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Darryn D'Souza
Darryn D'SouzaLv10
28 Sep 2019
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Related questions

Another form of imperfect competition is monopolistic competition.

1. List three examples of real firms that operate in monopolistically competitive markets.

2. Compare and contrast a monopolistically competitive firm and a perfectly competitive firm. Hint: you should mention long-term economic profit, product differentiation, and barriers to entry.

1. When a profit-maximizing firm produces, they will be producing at that output at which marginal cost = marginal revenue:

  • all of the time
  • some of the time
  • on rare occasions
  • none of the time

2. Economics Profit is:

  • the same as accounting profit
  • sales minus explicit costs and implicit costs
  • sales minus variable costs and fixed costs
  • opportunity cost only

3. A market structure with so many firms that no one firm has any influence over price, and firms produce an identical product is called:

  • monopoly
  • oligopoly
  • perfect competition
  • monopolistic competition

4. Which of the following is NOT a characteristic of a perfectly competitive market?

  • identical products
  • perfect mobility
  • perfect knowledge
  • price maker

5. The demand curve in a perfectly competitive market is perfectly elastic.

  • true
  • false

This week we will explore the four different market structures that economists use to categorize firms. The first market structure of the week is known as perfect competition. What characteristics do firms in this category have? Give an example of a perfectly competitive firm and describe how market prices are determined under perfect competition.

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