Answer: Option (d) is correct.
Explanation:
Correct option: Only a perfectly competitive firm operates at its efficient scale.
In the perfectly competitive market and in the long run, the firms who are making losses will exit the market and those firms who are able produce at a point where price is equal to the average total cost will exist in the market.
However, monopolistic firms operates at a below efficient level of production and with an excess capacity.
Competitive firms are generally enjoys the productive efficiency in the long run because these firms have the capability to produce at a lower average total cost.
Huh?? What are you taking abouttttt LOL
The right phrase to fill the blank is: widespread use of mobile devices with wireless internet connectivity.
This is one of the major changes that have occurred in recent years, where we no longer have to access internet from local area network connection which requires a cable for you to connect to the internet and a computer is no longer necessary to be able to use it as well.
Answer:
A monopolistically competitive industry is characterized by
a. many firms selling products that are similar but not identical.
Explanation:
A monopolistic competition is a form of imperfect competition with many firms operating in the industry. For such an industry, the goods or services are differentiated, such that one firm's goods or services can easily be associated with the producer. This is mostly achieved through branding and the use of trademarks. Each firm, therefore, competes with many other competitors, but they limit their competition by differentiating their products so that consumers would have preference for one against the other, depending on their perceived value.
When the demand for bikes has considerably increased with a rise in price by $10, then the profit also increases by $10 on every bike sold.
<h3>What is meant by profit?</h3>
Profit is an incentive earned by a company by selling its products at a price higher than the original cost.
From the provided situation, it has been analyzed that there is a direct relationship between price and demand, which means an increase in demand leads to a rise in prices also. This will ultimately raise the profits of a company in respect of goods sold.
Therefore, the profits are also raised by $10 in a similar way as the rise in price by $10 due to an increase in demand for bikes.
Learn more about the economic profit in the related link:
brainly.com/question/15699405
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