Homework Answers
The statement is false.
The machine used for the production is not decided by the machinery the manger is using or there is no separate type of machinery used in a separate market structure. Market structures are decided by the number of firm in the market. If there are many firms in the market selling a homogeneous good and the market have an easy entry and exit it will be a perfect market. If the goods are not homogeneous but all the other features are same then it will fall in monopolistic competitive industry.
IF the market is reduced to a single seller it will be a monopoly and if there are few large firms in the market then it will be an oligopoly. In all these market the cost of production and the production can be same. Just the production level of the firm will be different.
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Question 7 5 pts Let's say that you know the following information for an oligopoly firm: Total Revenue equals $200 million. Variable Costs are $170 million. Fixed Costs equal $20 million. The firm is currently producing 2,000 products at the MC = MR point (and the MC curve is rising). What recommendation do you have for this firm? Assuming the firm's costs remain the same, the firm should produce fewer products in order to decrease its marginal costs. The profit...
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A monopolistically competitive firm that wishes to maximize profits will choose to produce that level of output where: Price of the good is equal to the marginal revenue of producing the last unit of the good Price of the good is equal to the marginal cost of producing the last unit of the good. Marginal revenue is equal to marginal cost. ATC is at the lowest point possible. An industry has eight firms with the following market shares: 5%, 20%,...
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