Question: --- In a perfectly competitive industry, with the same costs for all firms, free entry and exit, each firm will have _________ economic profits in

"--- In a perfectly competitive industry, with the same costs for all firms, free entry and exit, each firm will have _________ economic profits in the long-run equilibrium.

options:

	positive
	negative
	different
	zero

WhatsApp is a leader in the market for instant messaging applications. Most instant messaging applications, including WhatsApp, require that both message senders and receivers are using the same app. Which of the following factors best explains the source of market power for instant messaging apps like WhatsApp?

options:

	Network externalities
	Economies of scale
	Control of natural resources
	Copyright protection

Which of the following equations isTRUEat the profit maximizing output level for a firm in a perfectly competitive market?

options:

	Marginal Cost = Marginal Revenue
	Price = Marginal Revenue
	Marginal Cost = Price
	All of the above

One characteristic of a perfectly competitive market is that there are ________ sellers of the good or service.

options:

	a few
	usually less than 10
	many
	one or two

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

The figure shows a typical fuselage truss structure w/c supports the loads as shown. Each member of the truss is a solid circular tube w/ 2 inches diameter & a maximum allowable axial stress of 500...

Question 11 (1 point) In a perfectly competitive industry, with the same costs for all firms, free entry and exit, each firm will have economic profits in the long-run equilibrium. zero different...

Two mc questions! In a perfectly competitive industry, with the same costs for all firms, free entry and exit, each firm will have economic profits in the long-run equilibrium. negative different...

Two mc questions! Consider the demand for coffee shown above. Assume there are only two coffee shops in the city. The marginal cost of producing one coffee is $0.90 dollars and there is no fixed...

Question 26(1 point) In a perfectly competitive industry, with the same costs for all firms, free entry and exit, each firm will have _________ economic profits in the long-run equilibrium. Question...

A firm has market power if it can Group of answer choices minimize costs. influence the market price of the good it sells. maximize profits. hire as many workers as it needs at the prevailing wage...

How to do problem 1-8? thank you Microeconomics: Sample Exam 2 Important Note: Completing this Sample Exam 2 by yourself is necessary but not sufficient: all course material after Exam 1 should be...

For a firm in a perfectly competitive market, the price of the good is always Group of answer choices greater than average revenue. equal to total revenue. equal to the firm's efficient scale of...

hi, below i have attached a review pics for microecon. I need help only answering the first version of the midterm since the second half is the same reordered. please help and answer all of the...

need answers to these questions please MC AC H Demand 64. The figure above shows demand and short-run cost curves for a perfectly competitive firm. At its profit-maximizing level of output, the...

Job 31 has a direct materials cost of $300 and a total manufacturing cost of $900. Overhead is applied to jobs at a rate of 200 percent of direct labor cost. Use the relationships among total...

Following are the size and price data for custom homes from Exercise. At the 0.5% significance level, do the data provide sufficient evidence to conclude that, for custom homes in the Equestrian...

Determine whether the series is convergent or divergent. n = 1 l n ( n ) n 3 convergent divergent People provided underneath. Nectir AI Your task for this week: Choose one problem and provide a...

The trait approach to leadership assumes a good leader is born, not made. Do you agree with this view? Explain your answer in scholarly detail!

A civil engineer has been asked to design a drainage system to reduce flood damage during the rainy reason. She produced a fancy design with a triangular cross section as shown in Figure 2. Two...

Mark as done Which of the following tools is used to find similar words called Synonyms? Dictionary Translator Antonym Thesaurus Question: 2 of 1 0 questions

Is it necessary to change something in your everyday life in order for you to achieve the goal?

What comments do you get from the outside world in the imagined future when you have achieved what you wanted?

14. Think of a positive experience in your life, once you experienced that you had great creativity, great insight or a very strong concentration around some-thing you focused strongly on achieving....