As we continue on the topic of Managing in Competitive, Monopolistic, and Monopolistically Competitive Markets, share your observations and takeaways of this week’s learning objectives as they relate to nursing role. Your initial post should comprise a minimum of 250 words supported by at least two (2) scholarly peer-reviewed references
Use this point to elaborate.
- Explain how long-run adjustments affect perfectly competitive, monopoly, and monopolistically competitive firms; discuss the ramifications of each of these market structures on social welfare.
- Decide whether a firm making short-run losses should continue to operate or shut down its operations.
- Illustrate the relationship between marginal cost, a competitive firm’s short-run supply curve, and the competitive industry supply; explain why supply curves do not exist for firms that have market power.
- Calculate the optimal output of a firm that operates two plants and the optimal level of advertising for a firm that enjoys market power.