Homework Answers
Perfectly competitive market is allocative efficient because the market price is equal to the marginal cost and productive efficient because firms produce at a point were the ATC is the lowest,
A monopoly fails because here the market price is above the marginal cost and produces with an excess capacity in a monopoly outcome.
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Chapter 13—Monopoly and Antitrust Laws Complete the statement on allocative and productive efficiency. Perfect competition achieves...
Summarize how market equilibrium in perfect competition results in productive efficiency and allocative efficiency.
Summarize how market equilibrium in perfect competition results in productive efficiency and allocative efficiency.
Question 9 1 pts In the long run, a monopoly will achieve: both productive and allocative...
Question 9 1 pts In the long run, a monopoly will achieve: both productive and allocative efficiency. O productive, but not allocative efficiency neither allocative and productive efficiency. allocative, but not productive, efficiency. Question 10 1 pts Price discrimination is: O common in perfectly competitive markets charging different prices for the same good because it costs more to serve some customers than others, charging different groups of customers different prices for the same good even though there's no difference in...
7. How is monopoly different from perfect competition? 8. What is a barrier to entry? Give...
7. How is monopoly different from perfect competition? 8. What is a barrier to entry? Give some examples. 9. What is a natural monopoly? 11. What is predatory pricing? 14. In what sense is a natural monopoly “natural”? 15. How is the demand curve perceived by a perfectly competitive firm different from the demand curve perceived by a monopolist? 16. How does the demand curve perceived by a monopolist compare with the market demand curve? 17. Is a monopolist a...
1) The "Profit-Max/Loss-Min/Shutdown Rule" applies to: Group of answer choices Pure Monopoly only Perfect Competition only...
1) The "Profit-Max/Loss-Min/Shutdown Rule" applies to: Group of answer choices Pure Monopoly only Perfect Competition only Most market structures All market structures 3) A firm in a monopoly market structure always operates at an economic profit. Group of answer choices True False 4) Comparing monopoly and competitive market structures, "Deadweight Loss" refers to: Group of answer choices Underground markets developing to supply the monopoly good. Shortages caused by high monopoly pricing. The production gap resulting from under-allocation of resources. Surpluses...
What do economists say is problematic with the allocative efficiency of a monopoly? Consumers will suffer...
What do economists say is problematic with the allocative efficiency of a monopoly? Consumers will suffer from a monopoly because it will sell a higher quantity in the market at a lower price compared to a firm in a perfectly competitive market. Monopolies are not inefficient. They produce the optimal quantity of some output the quantity where the marginal benefit to society of one more unit just equals the marginal cost. Companies can offer a wide range of services at...
In perfect competition as well as in monopolistic competition, a. profit is positive in a long-run...
In perfect competition as well as in monopolistic competition, a. profit is positive in a long-run equilibrium for each firm. b.entry and exit by firms are restricted. c. there are many firms in a single market. d. marginal revenue is equal to price for each firm. ECTION 22 Monopolistic competition differs from perfect competition because in monopolistically competitive markets a. all firms can eventually earn economic profits. b. each of the sellers offers a somewhat different product. C. strategic interactions...
1. What do you think best describes each of the following markets: perfect competition, monopoly, oligopoly...
1. What do you think best describes each of the following markets: perfect competition, monopoly, oligopoly or monopolistic competition? Explain. a. The market for cars. b. The market for soy beans. c. The market for cellphones. d. The market for dining out in a large city. 2. Why is price equal to marginal revenue for a perfectly competitive firm but not for a monopolist?
I just need help with comparing monopoly to perfect competition, which statement are true Use the...
I just need help with comparing monopoly to perfect
competition, which statement are true
Use the cost and revenue data to answer the questions. Price 90 80 Quantity 15 30 45 60 75 70 Total revenue 1350 2400 3150 3600 3750 3600 Total cost 900 1500 2250 3150 4200 5400 60 50 9040 If the firm is a monopoly, what is marginal revenue when quantity is 30? MR = $ 70 What is marginal cost when quantity is 60? MC...
QUESTION 15 A key difference between perfect competition and monopoly is that: OPC forms are price-takers...
QUESTION 15 A key difference between perfect competition and monopoly is that: OPC forms are price-takers with no market power, monopoly firms are price-makers with maximum market power OPC forms are price-takers with maximum market power, monopoly firms are price-makers with no market power OPC firms are price-makers with no market power, monopoly firms are price-takers with maximum market power OPC firms are price makers with maximum market power, monopoly firms are price-takers with no market power QUESTION 16 Steve's...
In the long run, all of the firms in a perfectly competitive industry will: exit the...
In the long run, all of the firms in a perfectly competitive industry will: exit the industry if price is greater than average total cost. produce at an output level at which average total cost equals marginal cost. earn an economic profit greater than zero. O produce an output level at which price is greater than average total cost. Which statement about the differences between monopoly and perfect competition is INCORRECT? A monopoly will charge a higher price and produce...
Question 9 1 pts In the long run, a monopoly will achieve: both productive and allocative efficiency. O productive, but not allocative efficiency neither allocative and productive efficiency. allocative, but not productive, efficiency. Question 10 1 pts Price discrimination is: O common in perfectly competitive markets charging different prices for the same good because it costs more to serve some customers than others, charging different groups of customers different prices for the same good even though there's no difference in...
What do economists say is problematic with the allocative efficiency of a monopoly? Consumers will suffer from a monopoly because it will sell a higher quantity in the market at a lower price compared to a firm in a perfectly competitive market. Monopolies are not inefficient. They produce the optimal quantity of some output the quantity where the marginal benefit to society of one more unit just equals the marginal cost. Companies can offer a wide range of services at...
In perfect competition as well as in monopolistic competition, a. profit is positive in a long-run equilibrium for each firm. b.entry and exit by firms are restricted. c. there are many firms in a single market. d. marginal revenue is equal to price for each firm. ECTION 22 Monopolistic competition differs from perfect competition because in monopolistically competitive markets a. all firms can eventually earn economic profits. b. each of the sellers offers a somewhat different product. C. strategic interactions...
1. What do you think best describes each of the following markets: perfect competition, monopoly, oligopoly or monopolistic competition? Explain. a. The market for cars. b. The market for soy beans. c. The market for cellphones. d. The market for dining out in a large city. 2. Why is price equal to marginal revenue for a perfectly competitive firm but not for a monopolist?
I just need help with comparing monopoly to perfect
competition, which statement are true
Use the cost and revenue data to answer the questions. Price 90 80 Quantity 15 30 45 60 75 70 Total revenue 1350 2400 3150 3600 3750 3600 Total cost 900 1500 2250 3150 4200 5400 60 50 9040 If the firm is a monopoly, what is marginal revenue when quantity is 30? MR = $ 70 What is marginal cost when quantity is 60? MC...
QUESTION 15 A key difference between perfect competition and monopoly is that: OPC forms are price-takers with no market power, monopoly firms are price-makers with maximum market power OPC forms are price-takers with maximum market power, monopoly firms are price-makers with no market power OPC firms are price-makers with no market power, monopoly firms are price-takers with maximum market power OPC firms are price makers with maximum market power, monopoly firms are price-takers with no market power QUESTION 16 Steve's...
In the long run, all of the firms in a perfectly competitive industry will: exit the industry if price is greater than average total cost. produce at an output level at which average total cost equals marginal cost. earn an economic profit greater than zero. O produce an output level at which price is greater than average total cost. Which statement about the differences between monopoly and perfect competition is INCORRECT? A monopoly will charge a higher price and produce...
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