Homework Answers
a) "E" they do not enjoy perfect elasticity of prefect market condition so they will never produce at the minimum level of the average cost curve.
b) "D" differentiated products are the unique feature.
c) "E" the location of Frankie's fast fuel give it some market power.
d) "C" rock musician will have some product differentiation.
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Question 17 0.16 pts Monopolistic competitors do not enjoy the competition. As a result,...
Please Help Question 21 0.16 pts Examining the cost, revenue, and demand curves for a monopolistic...
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Question 21 0.16 pts Examining the cost, revenue, and demand curves for a monopolistic competitor reveals that, at optimal output, the demand curve lies above the average total cost curve. Which of the following is true? O There is economic profit in the long run. Firms will enter the industry in the long run. O There is not enough information because demand is an imperfect benchmark for measuring profitability O There is an economic loss in the long...
Please Help Question 5 0.16 pts Markup would not exist in O a monopoly monopolistic competition....
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Question 5 0.16 pts Markup would not exist in O a monopoly monopolistic competition. O an oligopoly a cartel. O a competitive market. Question 6 0.16 pts prices than can be reached under perfect competition, Despite monopolistic competition results in any other market. variety than can be reached in O higher; less O more inefficient; more excessive O higher; greater O lower: less O lower: greater Question 7 0.16 pts The mayor of Stockville is seeking reelection and...
Please Help Question 13 0.16 pts An industry (such as California cheese) might advertise so that...
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Question 13 0.16 pts An industry (such as California cheese) might advertise so that its product (cheese) O will now be viewed as homo O may be characterized by a horizontal demand curve. O will be sold in perfectly competitive markets. O is no longer viewed as homogeneous. O will now have a price elasticity of demand that is more elastic. geneous for all producers. Question 14 0.16 pts Firms in a monopolistically competitive industry produce monopolistic goods...
Please Help Question 24 0.16 pts The concept of markup under monopolistic competition would best be...
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Question 24 0.16 pts The concept of markup under monopolistic competition would best be described as the attempt of firms to make their products look like those of other firms in the industry, thus "marking them up" in a similar style. O difference between the marginal cost and the price of the monopolistic competitor. difference between total revenue and total cost of the monopolistic competitor O difference between the average total cost and the price of the monopolistic...
Please Help Question 9 0.16 pts The gap between the actual quantity produced by a monopolistically...
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Question 9 0.16 pts The gap between the actual quantity produced by a monopolistically competitive firm and the optimal quantity in a competitive market is known as inefficient scale. insufficient capacity. flux capacity O markup. excess capacity Question 10 0.16 pts We could state correctly that the minimum characteristic necessary to distinguish among price-making firms is O price discrimination. the number of firms in the industry. whether they produce industrial or consumer products. O product differentiation. O the...
Which of the following is a typical feature of monopolistic competition? Question 4 0.25 pts 5....
Which of the following is a typical feature of monopolistic
competition?
Question 4 0.25 pts 5. Which of the following is a typical feature of monopolistic competition? . A firm's main strategy is to make its products different from its competitors' Successful collusion with other firms of the market is essential for making profit In the long run, each firm produces at its MES The entering of new firms stops only when the accounting profit becomes zero
Please help with these questions Question 1 0.16 pts Siyed, an economics student, believes that a...
Please help with these questions
Question 1 0.16 pts Siyed, an economics student, believes that a beer sold by one particular shack on the beach is completely different from an identical beer produced by the same factory and sold by the luxury hotel adjacent to the shack. Siyed most likely thinks that O the luxury hotel is a monopoly seller of the been O the shack is in a perfectly competitive industry, but the luxury hotel is in an oligopoly...
Please help with these questions, Question 1 0.16 pts Use the following scenario to answer the...
Please help with these questions,
Question 1 0.16 pts Use the following scenario to answer the following questions: Carmela's Churros is a perfectly competitive firm that sells desserts in Houston Texas. Carmela's Churros currently is taking in $40,000 in revenues, and has $15,000 in explicit costs and $25,000 in implicit costs. Holding all else constant, the price of churros in this market will O stay where it is increase in the long run. decrease in the long run. O decrease...
Question 1 1 pts An industry with a large number of relatively small firms producing differentiated...
Question 1 1 pts An industry with a large number of relatively small firms producing differentiated products in a market with easy entry and exit firms is: duopoly. oligopoly. monopoly. monopolistic competition. Question 13 1 pts To practice effective price discrimination, a firm must: have distinguishable customers. match the prices of its competitors. allow others to resell its product. advertise its product.
Please help with these questions, Question 5 0.16 pts When firms in a market expect the...
Please help with these questions,
Question 5 0.16 pts When firms in a market expect the price of their products to rise, the supply curve of their goods causing the equilibrium price to O decreases; rise increases; rise and the equilibrium quantity to fall decreases; fall increases; fall O increases; rise Question 6 0.16 pts Taxes cause the equilibrium price of a good to Ogo up only for producers. O decrease O go down only for consumers O increase. remain...
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Question 21 0.16 pts Examining the cost, revenue, and demand curves for a monopolistic competitor reveals that, at optimal output, the demand curve lies above the average total cost curve. Which of the following is true? O There is economic profit in the long run. Firms will enter the industry in the long run. O There is not enough information because demand is an imperfect benchmark for measuring profitability O There is an economic loss in the long...
Please Help
Question 5 0.16 pts Markup would not exist in O a monopoly monopolistic competition. O an oligopoly a cartel. O a competitive market. Question 6 0.16 pts prices than can be reached under perfect competition, Despite monopolistic competition results in any other market. variety than can be reached in O higher; less O more inefficient; more excessive O higher; greater O lower: less O lower: greater Question 7 0.16 pts The mayor of Stockville is seeking reelection and...
Please Help
Question 13 0.16 pts An industry (such as California cheese) might advertise so that its product (cheese) O will now be viewed as homo O may be characterized by a horizontal demand curve. O will be sold in perfectly competitive markets. O is no longer viewed as homogeneous. O will now have a price elasticity of demand that is more elastic. geneous for all producers. Question 14 0.16 pts Firms in a monopolistically competitive industry produce monopolistic goods...
Please Help
Question 24 0.16 pts The concept of markup under monopolistic competition would best be described as the attempt of firms to make their products look like those of other firms in the industry, thus "marking them up" in a similar style. O difference between the marginal cost and the price of the monopolistic competitor. difference between total revenue and total cost of the monopolistic competitor O difference between the average total cost and the price of the monopolistic...
Please Help
Question 9 0.16 pts The gap between the actual quantity produced by a monopolistically competitive firm and the optimal quantity in a competitive market is known as inefficient scale. insufficient capacity. flux capacity O markup. excess capacity Question 10 0.16 pts We could state correctly that the minimum characteristic necessary to distinguish among price-making firms is O price discrimination. the number of firms in the industry. whether they produce industrial or consumer products. O product differentiation. O the...
Which of the following is a typical feature of monopolistic
competition?
Question 4 0.25 pts 5. Which of the following is a typical feature of monopolistic competition? . A firm's main strategy is to make its products different from its competitors' Successful collusion with other firms of the market is essential for making profit In the long run, each firm produces at its MES The entering of new firms stops only when the accounting profit becomes zero
Please help with these questions
Question 1 0.16 pts Siyed, an economics student, believes that a beer sold by one particular shack on the beach is completely different from an identical beer produced by the same factory and sold by the luxury hotel adjacent to the shack. Siyed most likely thinks that O the luxury hotel is a monopoly seller of the been O the shack is in a perfectly competitive industry, but the luxury hotel is in an oligopoly...
Please help with these questions,
Question 1 0.16 pts Use the following scenario to answer the following questions: Carmela's Churros is a perfectly competitive firm that sells desserts in Houston Texas. Carmela's Churros currently is taking in $40,000 in revenues, and has $15,000 in explicit costs and $25,000 in implicit costs. Holding all else constant, the price of churros in this market will O stay where it is increase in the long run. decrease in the long run. O decrease...
Question 1 1 pts An industry with a large number of relatively small firms producing differentiated products in a market with easy entry and exit firms is: duopoly. oligopoly. monopoly. monopolistic competition. Question 13 1 pts To practice effective price discrimination, a firm must: have distinguishable customers. match the prices of its competitors. allow others to resell its product. advertise its product.
Please help with these questions,
Question 5 0.16 pts When firms in a market expect the price of their products to rise, the supply curve of their goods causing the equilibrium price to O decreases; rise increases; rise and the equilibrium quantity to fall decreases; fall increases; fall O increases; rise Question 6 0.16 pts Taxes cause the equilibrium price of a good to Ogo up only for producers. O decrease O go down only for consumers O increase. remain...
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