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In which market structures do firms produce at the socially optimal level?
Wiki User
∙ 16y ago
Perfectly competitive
Wiki User
∙ 16y ago
Wiki User
∙ 12y agoPerfect Competition Only
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In which of the following market structures do firms produce the welfare-maximizing level of output?
Perfect competition!
What are some characteristics of market structures?
oligopoly and monopoloistic
What is the golden rule of profit maximization?
To maximize profit or minimize loss, a firm should produce the quantity at which marginal revenue equals marginal cost; this rule holds for all market structures
How a monopoly firm will not achieve allocative efficiency?
They produce at a different point than a competitive firm, a monopoly produces at a point where marginal revenue= marginal cost, where a competitive firm equates price to marginal cost. The marginal cost curve is lower than the demand curve, but the monopoly charges the price at the demand curve, which is a higher price and a lower quantity than a competitive market would produce.
What were the results of the new market structures in the late 1800s?
The new market structures, of the late 1800s, resulted in several industries being monopolized. The steel and oil industries are examples.
In which of the following market structures do firms produce the welfare-maximizing level of output?
Perfect competition!
What kind of market structure is Alcoa?
what are the market structures available in sri Lanka ?
What market structures can exist in a free market?
Oligopoly, Pure competition, Monopolistic competition
What are some characteristics of market structures?
oligopoly and monopoloistic
What is meant by market failure?
There are two similar but significantly different definitions of "market failure":A situation where the motivations of market-actors prevent the market from reaching maximally efficient equilibrium over timeA situation in which allocation of goods and services by a free market is currently not maximally efficient at a given time.The first definition is the more meaningful definition in relation to government policy.An often seen incorrect definition of market failure is when the quantity of a product demanded by consumers is not equal to the quantity supplied by suppliers. That is instead called a shortage or surplus.
What is the golden rule of profit maximization?
To maximize profit or minimize loss, a firm should produce the quantity at which marginal revenue equals marginal cost; this rule holds for all market structures
What two major market structures are affected by industrial regulation?
A mixed market and planned economy.
How a monopoly firm will not achieve allocative efficiency?
They produce at a different point than a competitive firm, a monopoly produces at a point where marginal revenue= marginal cost, where a competitive firm equates price to marginal cost. The marginal cost curve is lower than the demand curve, but the monopoly charges the price at the demand curve, which is a higher price and a lower quantity than a competitive market would produce.
What is market map?
It show the vertical and horizonta exis of the market. It also show the produt produce and who get what is produce. Eg. the buyer and seller, at the market place.
What were the results of the new market structures in the late 1800s?
The new market structures, of the late 1800s, resulted in several industries being monopolized. The steel and oil industries are examples.
In a free market economy the optimal QUALITY of goods and services is determined by?
The cost of output in relation to revenue.
Which market structures has a kinked demand curve in economics?
oligopoly
