Tutor profile: Beverly M.
Ano ang mga katangian ng bandila ng Pilipinas?
Ang bandila ng Pilipinas ay may apat na kulay - asul, pula, puti at dilaw. Ang sinisimbolo ng kulay asul ay ang kapayapaan sa bansa, samantalang ang sinisimbolo ng pula ay ang digmaan. Madalas ang kulay na asul ay nangingibabaw sa pula. Ngunit, kapag ang pula ay nangibabaw sa asul, kung gayon may nagaganap na digmaan sa bansa.
How is a monopolistic competitive firm different from a monopoly?
The big difference between a monopolistic competitive firm and a monopoly is the entry to the market. In a monopolistic competitive market, potential firms may enter the market in the long run, especially when there are positive economic profits in the short run. However, in a monopoly market, a potential firm is unlikely to enter because of the high amount of entry costs. Also, in a natural monopoly, the price of a good would be much cheaper to have a single seller in the market because as more firms enter the market then the higher the costs would be per seller.
What is the Coase theorem? How does it apply to the efficiency of the economy?
The Coase theorem states that if private parties can costlessly bargain over the allocation of resources, then they can solve the problem of externalities on their own. The theorem suggests that private parties are able to reach a socially efficient outcome, however, it does not always hold. Private parties are unable to reach a socially efficient outcome if there are transaction costs and coordination problems.
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