Homework Answers
1) C. In case of monopolistic and monopoly, both in short run firm produces at a point where marginal revenue=marginal cost and price>MC.
2)C. Both monopolistic and monopoly firm revenue curve is same but cost curve is different because I’m both the market structure, more quantity can be sold only by reducing price.
3)C. In diagram C, firm produces at a point where marginal revenue=marginal cost and price>ATC due to which firm can earn positive profit
4) C. When new firms enter the market, the demand curve decreases and shifts to the left.
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In the short run, a firm in a monopolistically competitive market operates...
When we compare diagrams for firms in different market structures, what do we notice? For competitive...
When we compare diagrams for firms in different market structures, what do we notice? For competitive firms and monopolistically competitive firms, the revenue curves are similar but the cost curves are quite different. For competitive firms and monopolistically competitive firms, the cost curves are similar but the revenue curves are quite different. For monopoly firms and monopolistically competitive firms, the revenue curves are similar but the cost curves are quite different. For monopoly firms and monopolistically competitive firms, the cost...
In the following figure, a monopolistically competitive firm is in the short run. In this scenario,...
In the following figure, a monopolistically competitive firm is in the short run. In this scenario, P < ATC, which means that this firm is making a loss. This short-run loss means that other firms will exit the market because they are making a loss as well. Shift a curve, or curves, to depict the effect of firms exiting this market in the long run. When shifting the curve, or curves, make sure not to change the slope of the...
These three questions please Question 37 (1 point) Table 16-1 A monopolistically competitive firm faces the...
These three questions please
Question 37 (1 point) Table 16-1 A monopolistically competitive firm faces the following demand curve for its product: Price (S) 10 4 8 7 6 16 8 10 5 12 4 14 3 16 2 18 20 1 Refer to Table 16-1. The firm has total fixed costs of $20 and a constant marginal cost of $5 per unit. What will the firm do? It will produce 2 units; firms will exit the market in the...
Suppose there is a monopolistically competitive market with n identical firms, such that each firm produces the same quantity, q. Further, the market is in the monopolistically competitive long-run e...
Suppose there is a monopolistically competitive market with n identical firms, such that each firm produces the same quantity, q. Further, the market is in the monopolistically competitive long-run equilibrium. You are given the following: Inverse market demand: P 10-Q Total market output: Qnxq Marginal revenue: MR 10n+ 1)xq Total cost: C(q)-5+q Marginal cost: MC 2xq In long-run equilibrium, each firm earns zero economic profit. In long-run equilibrium, the number of firms, n, is and each firm produces units) of...
These three questions please！ Question 32 (1 point) Because a monopolistically competitive firm has some market...
These three questions please！
Question 32 (1 point) Because a monopolistically competitive firm has some market power, in the long-run what does the price of its good exceed? its average u its average total cost its marginal cost its profit per unit Question 33 (1 point) In monopolistically competitive markets, what does the property of free entry and exit suggest? The market structure will eventually be characterized by perfect competition in the long run. O All firms earn zero economic...
Question 19 (Mandatory) (5 points) In short-run equilibrium, a firm in a monopolistically competitive market produces...
Question 19 (Mandatory) (5 points) In short-run equilibrium, a firm in a monopolistically competitive market produces at a level of output at which OA) no new entry will occur. OB) the revenue generated by selling an additional unit is equal to the cost of producing the additional unit. C) the firm breaks even. D) the revenue per unit is equal to the cost per unit. Question 20 (Mandatory) (5 points) A natural monopoly OA) is a market in which long-run...
a) Why is a monopolistically competitive firm less efficient than a perfectly competitive firm? It produces...
a) Why is a monopolistically competitive firm less efficient than a perfectly competitive firm? It produces at an output that is lower than its minimum efficient scale (MES) It earns positive economic profits in the long run It deters entry of new firms by putting up entry barriers All of the answers are correct b) Suppose a monopolistically competitive firm has MC=4Q+5. Its demand is P=145-3Q and marginal revenue is MR=145-6Q. What is its profit-maximizing output level? 17 14 16...
QUESTION 6 In the short run, a monopolistically competitive firm. O makes profits just as it...
QUESTION 6 In the short run, a monopolistically competitive firm. O makes profits just as it does in the long run because of barriers to entry O will earn zero economic because of free entry and exit. O produces where MR-MC O produces where PEMC QUESTION 7 In the long run, a monopolistically competitive firm: O makes profits just as it does in the short run because of barriers to entry will earn zero economic because of free entry and...
Suppose that a firm produces baseball bats in a monopolistically competitive market. The following graph shows...
Suppose that a firm produces baseball bats in a monopolistically competitive market. The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve.Place a block point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost.Because this market...
Figure 16-3 This figure depicts a situation in a monopolistically competitive market. BE 9. Refer to Figure 16-3. W...
Figure 16-3 This figure depicts a situation in a monopolistically competitive market. BE 9. Refer to Figure 16-3. What price will the monopolistically competitive firm charge in this market? a $70 b. $80 c. $60 d. 575 10. Refer to Figure 16-3. How much profit will the monopolistically competitive firm earn in this situation? a. So b. $80 c. $400 d. $200 11. Refer to Figure 16-3. How much output will the monopolistically competitive firm produce in this situation ..40...
When we compare diagrams for firms in different market structures, what do we notice? For competitive firms and monopolistically competitive firms, the revenue curves are similar but the cost curves are quite different. For competitive firms and monopolistically competitive firms, the cost curves are similar but the revenue curves are quite different. For monopoly firms and monopolistically competitive firms, the revenue curves are similar but the cost curves are quite different. For monopoly firms and monopolistically competitive firms, the cost...
In the following figure, a monopolistically competitive firm is in the short run. In this scenario, P < ATC, which means that this firm is making a loss. This short-run loss means that other firms will exit the market because they are making a loss as well. Shift a curve, or curves, to depict the effect of firms exiting this market in the long run. When shifting the curve, or curves, make sure not to change the slope of the...
These three questions please
Question 37 (1 point) Table 16-1 A monopolistically competitive firm faces the following demand curve for its product: Price (S) 10 4 8 7 6 16 8 10 5 12 4 14 3 16 2 18 20 1 Refer to Table 16-1. The firm has total fixed costs of $20 and a constant marginal cost of $5 per unit. What will the firm do? It will produce 2 units; firms will exit the market in the...
Suppose there is a monopolistically competitive market with n identical firms, such that each firm produces the same quantity, q. Further, the market is in the monopolistically competitive long-run equilibrium. You are given the following: Inverse market demand: P 10-Q Total market output: Qnxq Marginal revenue: MR 10n+ 1)xq Total cost: C(q)-5+q Marginal cost: MC 2xq In long-run equilibrium, each firm earns zero economic profit. In long-run equilibrium, the number of firms, n, is and each firm produces units) of...
These three questions please！
Question 32 (1 point) Because a monopolistically competitive firm has some market power, in the long-run what does the price of its good exceed? its average u its average total cost its marginal cost its profit per unit Question 33 (1 point) In monopolistically competitive markets, what does the property of free entry and exit suggest? The market structure will eventually be characterized by perfect competition in the long run. O All firms earn zero economic...
Question 19 (Mandatory) (5 points) In short-run equilibrium, a firm in a monopolistically competitive market produces at a level of output at which OA) no new entry will occur. OB) the revenue generated by selling an additional unit is equal to the cost of producing the additional unit. C) the firm breaks even. D) the revenue per unit is equal to the cost per unit. Question 20 (Mandatory) (5 points) A natural monopoly OA) is a market in which long-run...
QUESTION 6 In the short run, a monopolistically competitive firm. O makes profits just as it does in the long run because of barriers to entry O will earn zero economic because of free entry and exit. O produces where MR-MC O produces where PEMC QUESTION 7 In the long run, a monopolistically competitive firm: O makes profits just as it does in the short run because of barriers to entry will earn zero economic because of free entry and...
Figure 16-3 This figure depicts a situation in a monopolistically competitive market. BE 9. Refer to Figure 16-3. What price will the monopolistically competitive firm charge in this market? a $70 b. $80 c. $60 d. 575 10. Refer to Figure 16-3. How much profit will the monopolistically competitive firm earn in this situation? a. So b. $80 c. $400 d. $200 11. Refer to Figure 16-3. How much output will the monopolistically competitive firm produce in this situation ..40...
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