A monopolistically competitive market could be considered inefficient because

1 answer:

swat323 years ago

6 0

<span>A monopolistically competitive market could be considered inefficient because price exceeds marginal cost. A monopolistic competitive market is defined as imperfect </span>competition because there are many producers that sell products that differentiate from each other. Because these products differentiate between how they branded and their quality they are not able to be perfect substitutes for one another.

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The answer is: PEST Analysis

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PEST (Political, Economic, Social, and Technological) Analysis are carried out to determine:

Political changes such as trade agreements between countries or new trade barriers (current US-China trade dispute)
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3 years ago

After enrolling in the MBA program at Macatawa State University, Sheri began having second thoughts. Although MSU seemed to be a

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b. Cognitive Dissonance.

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Cognitive dissonance can be defined as the discomfort which is caused by the post-purchase conflict. When consumers buy something, they feel satisfied with their purchase, however, every purchase involves some trade-off and compromises. Customers certainly feel unhappy on acquiring the drawbacks of the bought product and losing the benefits of the products not purchased. Consequently, consumers feel some discomfort and post-purchase dissonance for almost every purchase they make. The same phenomenon can be observed in this scenario where Sheri has enrolled in the MBA program at Macatawa State University and feeling cognitive dissonance afterwards.

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Boeing produces commercial airliners. Assume that if Boeing produces 10 planes a year, its total costs are $500 million and that

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The marginal cost of the 11th plane is <u>$60 million</u>.

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Marginal cost refers to the cost of producing one more unit of output.

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