Business, 23.04.2020 21:02 Otod207

Restaurants offer related but differentiated products to their consumers. In the long run, new restaurants enter the market and imitate the cuisine and atmosphere of successful competitors. With this in mind, which of the following statements would be correct about a restaurant's prices in the long run?

a. In the long run, restaurants will enter the market as long as there are positive profits
b. In the long run some restaurants will leave the market, creating economic profits for those restaurants who stay c. Price will be equal to MC and be greater than ATC ine long run.
d. As more competitors and substitutes enter, the demand curve for a particular restaurant will shift to the right
e. Price will be equal to ATC in thie long run for firms in a monopolistically compettive market.
f. In the long run, profits will be normal for the restaurants in a monopolistically competitive market.

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 14:30

The government often provides goods that are nonrivalrous and nonexclusive to overcome which market failure

Answers: 1

Answer

Business, 21.06.2019 16:30

Which is the correct expansion of the term internet? a. internetwork b. institutional network c. instructional network d. international network

Answers: 2

Answer

Business, 22.06.2019 12:00

In mexico, many garment or sewing shops found they could entice many young people to work for them if they offered clean, air conditioned work areas with high-quality locker rooms to clean up in after the work day. typically, traditional garment shops had to offer to get workers to apply for the hard, repetitive, and somewhat dangerous work. a. benchmark competitive wages b.compensating differentials c. monopoly wages d. wages based on human capital development of each employee

Answers: 3

Answer

Business, 22.06.2019 12:10

This exercise illustrates that poor quality can affect schedules and costs. a manufacturing process has 130 customer orders to fill. each order requires one component part that is purchased from a supplier. however, typically, 3% of the components are identified as defective, and the components can be assumed to be independent. (a) if the manufacturer stocks 130 components, what is the probability that the 130 orders can be filled without reordering components? (b) if the manufacturer stocks 132 components, what is the probability that the 130 orders can be filled without reordering components? (c) if the manufacturer stocks 135 components, what is the probability that the 130 orders can be filled without reordering components?

Answers: 3

Answer

You know the right answer?

Restaurants offer related but differentiated products to their consumers. In the long run, new resta...

Questions