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While a monopolistic competitive firm can make a profit in the short-run, the effect of its monopoly-like pricing will cause a decrease in demand in the long-run. This increases the need for firms to differentiate their products, leading to an increase in average total cost. The decrease in demand and increase in cost causes the long run average cost curve to become tangent to the demand curve at the good’s profit maximizing price. This means two things. First, that the firms in a monopolistic competitive market will produce a surplus in the long run. Second, the firm will only be able to break even in the long-run; it will not be able to earn an economic profit. In the long-run, a monopolistically competitive market is inefficient. It achieves neither allocative nor productive efficiency.
In a certain code language, 6219 means ‘Sachin is a cricketer’ and 2646 means ‘He played from Mumbai’. Which of the following is...
If FOG is written as ENF in a certain code, how will HEN be written as in that code?
In a certain code language, ‘NUMERICAL’ is written as ‘ICALRNUME’ and ‘SCATTERED’ is written as ‘EREDTSCAT’. How will ‘EXPLOSION’ b...
Among given word pairs, three bear a certain common relationship. Choose the pair in which the words are differently related.
In a code language, SHOT is coded as 3881540. How will WINE be coded in that language?
In a certain code language, 'PHENYL' is coded as ‘9-11-17-8-5-13’ and 'COLONY' is coded as ‘6-12-13-12-8-5’. How will 'COLONEL' be coded in that...
In a certain code language, GAME is written as TUZANOVW, and CAR is written as XYZAIJ. How will POST be written in that language?
Select the option in which the words share the same relationship as that shared by the given pair of words.
Cricket : Shikhar Dhawan
In a certain code language, 'REASON' is coded as '5410129' and 'HEALTHY' is coded as '716231216'.How will 'DIVULGE' be coded in that language?
If 'ORCHID' is known as 'DAISY', 'DAISY' is known as 'LOTUS', 'LOTUS' is known as 'JASMINE' and 'JASMINE' is known as 'TULIP', then what is the national...