<u>Solution and Explanation:</u>
(a). Firm in perfect competition produces at minimum efficient scale, MEC where average cost AC is minimum. The price is determined by the market supply and demand.
(b) Note that q1 is at the minimum of AC while Q* is to the left of q1. Similarly, P1 is equal to MC while P* is higher than MC. This shows that firms in perfect competition produce more and charge less than the firms in monopolistically competitive market.
(c) All firms in monopolistically competitive market as well as perfectly competitive market earn zero economic profit in the long run. This is because there is a free entry and exit
(d) Demand is steeper for firms in monopolistically competitive market so that demand is elastic. Demand is horizontal for any quantity which means it is perfectly elastic for a firm in competitive market.
Answer
The answer and procedures of the exercise are attached in the following archives.
Explanation
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
Answer: True- Quality control technique
Explanation:
The Quality control technique is one of the process in which the products are made based on the customer demand and the requirement in an organization and it also ensure the quality of each specification of the given products and the services.
According to the given scenario, the process of reducing the given errors and also managing the each stage of the production is one the example of quality control technique.
The quality control basically ensuring the proper designing process of the product and also it also ensure the perfection and the quality of the product in an organization.
Therefore, the given answer is true.
