Monopolistic competition is the economic market model with many sellers selling similar, but not identical, products. The demand curve of monopolistic competition is elastic because although the firms are selling differentiated products, many are still close substitutes, so if one firm raises its price too high, many of its customers will switch to products made by other firms. This elasticity of demand makes it similar to pure competition where elasticity is perfect. Demand is not perfectly elastic because a monopolistic competitor has fewer rivals then would be the case for perfect competition, and because the products are differentiated to some degree, so they are not perfect substitutes.
Monopolistic competition has a downward sloping demand curve. Thus, just as for a pure monopoly, its marginal revenue will always be less than the market price, because it can only increase demand by lowering prices, but by doing so, it must lower the prices of all units of its product. Hence, monopolistically competitive firms maximize profits or minimize losses by producing that quantity where marginal revenue equals marginal cost, both over the short run and the long run.
<span>machine. She uses a simulative approach to increase the effectiveness and efficiency. If Kelly is at the output stage of the process, then she is identifying the inputs utilized in the process for measuring the productivity.</span>
The incremental costs that can be deduced include the cost for materials, overhead, and labor that are associated with the actual closing process.
Incremental cost simply means the total cost that's incurred as a result of an additional unit of product that is being produced.
It's simply calculated by analyzing the additional expenses that were spent by the company. They are the cost for materials, overhead, and labor that are associated with the actual closing process.
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I think the correct answer from the choices listed above is the first option. <span>George is paid for holidays, sick days, vacation, personal days, and jury duty. These are his paid leave benefits. Hope this answers the question. Have a nice day.</span>
