QUESTION 22 5 pointsSave Answer then: O the selling price for this firm is above

Question

QUESTION 22 5 pointsSave Answer then: O the selling price for this firm is above the market equilibrium price O new firms will enter this market some existing firms in this market will leave. O there must be price fixing by the industry's firms. QUESTION 23 Saved Price discrimination refers to: selling a given product for different prices at two different points in time. O any price above that which is equal to a minimum average total cost the selling of a given product at different prices that do not reflect cost differences. O the difference between the prices a purely competitive seller and a purely monopolistic seller would charge.

Explanation / Answer

22. new firms will enter this market.

When economic profit is positive then new firms enter into the market in order to earn profit and this entry of firm continues till economic profit reduces to zero.

23. the selling of a given product at different prices that do not reflect cost differences.

Price discrimination is a practise of charging different prices for same good from different customers in order to earn more profit.

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