Monopolistically competitive firm is the firm that produces at an output where average total cost is not a minimum. From this follows that this type of firm is marginally inefficient. In general, monopolistically competitive firms earn profits slightly above their cost in the long run.
In general, monopolistically competitive firms can earn profits in the short run and long run, but the amount of profit varies. Unlike perfectly competitive firms, monopolistically competitive firms have some degree of market power, meaning they can differentiate their products and charge higher prices.
In general, monopolistically competitive firms can earn profits in the short run and long run, but the amount of profit varies. Unlike perfectly competitive firms, monopolistically competitive firms have some degree of market power, meaning they can differentiate their products and charge higher prices. However, since there is still some level of competition, the profit margins are typically lower compared to monopolies or oligopolies.
For example, a monopolistically competitive firm may sell unique flavors of ice cream that are not available from other firms in the market. This differentiation allows them to attract customers willing to pay a premium price for their product. However, if other firms introduce similar flavors or the market becomes saturated, the firm's ability to earn profits may decrease.
Overall, monopolistically competitive firms can earn profits, but the level of profit depends on market conditions, product differentiation, and the ability to maintain a loyal customer base.
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Answer:
The cost of a necklace is $1,600
Explanation:
Price of one necklace is the same as the price of five rings, this means
1 necklace = five rings
Price of a necklace = 5 x price of ring
Price of ring = $320
Price of a necklace = 5 x $320
= $1,600
Therefore, a necklace costs $1,600
Answer:
1040 Z is the correct answer
Explanation:
B) if it is deemed a luxury.
C) if it is deemed unique.
D) under no circumstances.
Answer:
A) if it is deemed a necessary good
Explanation:
Minors are not usually bound by a contract, and most of the time they can avoid liability under a contract. Minors can only sign a valid contract if it includes something that is essential for them. Medicines, food and medical services are the only things that are usually considered essential for a minor.
So the store has to prove that selling her the cell phone was a necessity, and something essential for her. It is possible to prove that it was a necessity, but it is something very difficult to do.
But the fact that the contract is not valid doesn't mean that Lydia can do whatever she wants. Her parents are responsible for returning the cell phone or since she lost it, they are responsible for paying it.
Answer:
Under a job-order system of cost accounting, the dollar amount of the general ledger entry involved in the transfer of inventory from work-in-process to finished goods is the sum of the costs charged to all jobs - The entry to transfer inventory from WIP to FG is to debit finished goods and credit work-in- process.
Explanation: