Homework Answers
As the MR curve is a horzontal line parallel to the x axis, it is a feature of a perfectly competitve market because in all the other markets, the MR curve is negatively sloping. Therefore it is not true that monopoly, monopolistic market or oligoply markets wont have this kind of MR curve. So options 2,3, 4 are incorrect.
Now as perfectly competitive market has homogenous products, therefore ooption 1 is correct.
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ATC Dollars According to the information in the provided diagram, this firm is producing in a(n)...
Question Completion Status: QUESTION 1 Which of the following characterizes monopolistic competition? Many firms, each producing...
Question Completion Status: QUESTION 1 Which of the following characterizes monopolistic competition? Many firms, each producing a particular version of a product. Many firms selling an identical product. O A few firms, each producing a particular version of a product. O A few firms controlling the entire market. QUESTION 2 The demand curve faced by a monopolistically competitive firm is: flat. kinked. O upward-sloping. Odownward-sloping QUESTION 3 Without a product differentiation, the demand curve for a monopolistically competitive firm would...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm:...
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...
4. Is monopolistic competition efficient? Suppose that a firm produces polo shirts in a monopolistically competitive...
4. Is monopolistic competition efficient? Suppose that a firm produces polo shirts 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 black 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...
Question 49 1 pts Dollars per unit MC $40 36 ATC 32 28 24 20 16...
Question 49 1 pts Dollars per unit MC $40 36 ATC 32 28 24 20 16 D MR = AR ン/AVC 12 4 100 150 200 250 Quantity This diagram most likely represents what market structure? could represent all excent a perfect.competition AA itEN i 28 D MR = A 24 AVC 20 16 12 150 100 200 250 Quantity This diagram most likely represents what market structure? could represent all except a. perfect competition oligopoly monopolistic competition perfect competition...
Refer to the diagram for a purely competitive producer. The firm will produce with an economic...
Refer to the diagram for a purely competitive producer. The firm will produce with an economic profit at all prices Multiple Choice above pas < Prev 6 of 25 ! Next > Refer to the diagram for a purely competitive producer. The firm will produce with an economic profit at all price Multiple Choice ο above P3 ο above A ο below P2 ο between and < Prev 6 of 25 !! Next >
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice...
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice is fgab. is Ogan. is ba Dollars Saved If a perfectly competitive firm is producing at the P MC output and realizing an economic profit, at that output Multiple Choice marginal revenue is less than price. marginal revenue exceeds ATC. ATC is being minimized. total revenue equals total cost. The average total cost curve for a perfectly competitive firm. Suppose the marginal cost curve...
1. Is monopolistic competition efficient? Suppose that a firm produces wooden train engines in a monopolistically...
1. Is monopolistic competition efficient? Suppose that a firm produces wooden train engines 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 black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quan tity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and...
QUESTION 1 Which of the following characterizes monopolistic competition? Many firms, each producing a particular version...
QUESTION 1 Which of the following characterizes monopolistic competition? Many firms, each producing a particular version of a product O Many firms selling an identical product O A few firms, each producing a particular version of a product O A few firms controlling the entire market QUESTION 2 The demand curve faced by a monopolistically competitive firm is O flat kinked. O upward-sloping O downward-sloping QUESTION 3 Without a product differentiation, the demand curve for a monopolistically competitive firm would...
Mon Comp Outcome Min Unit Cost PRICE (Dollars per jacket) -L- ATC MC MR +LN Demand...
Mon Comp Outcome Min Unit Cost PRICE (Dollars per jacket) -L- ATC MC MR +LN Demand + 0 10 90 100 20 30 40 50 60 70 80 QUANTITY (Thousands of jackets) Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that P = ATC at the optimal quantity for each firm. Furthermore, the quantity the firm produces in long-run equilibrium is less than the efficient scale. True or...
4. Is monopolistic competition efficient? Suppose that a firm produces wool jackets in a monopolistically competitive...
4. Is monopolistic competition efficient? Suppose that a firm produces wool jackets 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 black 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...
Question Completion Status: QUESTION 1 Which of the following characterizes monopolistic competition? Many firms, each producing a particular version of a product. Many firms selling an identical product. O A few firms, each producing a particular version of a product. O A few firms controlling the entire market. QUESTION 2 The demand curve faced by a monopolistically competitive firm is: flat. kinked. O upward-sloping. Odownward-sloping QUESTION 3 Without a product differentiation, the demand curve for a monopolistically competitive firm would...
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...
4. Is monopolistic competition efficient? Suppose that a firm produces polo shirts 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 black 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...
Question 49 1 pts Dollars per unit MC $40 36 ATC 32 28 24 20 16 D MR = AR ン/AVC 12 4 100 150 200 250 Quantity This diagram most likely represents what market structure? could represent all excent a perfect.competition AA itEN i 28 D MR = A 24 AVC 20 16 12 150 100 200 250 Quantity This diagram most likely represents what market structure? could represent all except a. perfect competition oligopoly monopolistic competition perfect competition...
Refer to the diagram for a purely competitive producer. The firm will produce with an economic profit at all prices Multiple Choice above pas < Prev 6 of 25 ! Next > Refer to the diagram for a purely competitive producer. The firm will produce with an economic profit at all price Multiple Choice ο above P3 ο above A ο below P2 ο between and < Prev 6 of 25 !! Next >
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice is fgab. is Ogan. is ba Dollars Saved If a perfectly competitive firm is producing at the P MC output and realizing an economic profit, at that output Multiple Choice marginal revenue is less than price. marginal revenue exceeds ATC. ATC is being minimized. total revenue equals total cost. The average total cost curve for a perfectly competitive firm. Suppose the marginal cost curve...
1. Is monopolistic competition efficient? Suppose that a firm produces wooden train engines 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 black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quan tity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and...
QUESTION 1 Which of the following characterizes monopolistic competition? Many firms, each producing a particular version of a product O Many firms selling an identical product O A few firms, each producing a particular version of a product O A few firms controlling the entire market QUESTION 2 The demand curve faced by a monopolistically competitive firm is O flat kinked. O upward-sloping O downward-sloping QUESTION 3 Without a product differentiation, the demand curve for a monopolistically competitive firm would...
Mon Comp Outcome Min Unit Cost PRICE (Dollars per jacket) -L- ATC MC MR +LN Demand + 0 10 90 100 20 30 40 50 60 70 80 QUANTITY (Thousands of jackets) Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that P = ATC at the optimal quantity for each firm. Furthermore, the quantity the firm produces in long-run equilibrium is less than the efficient scale. True or...
4. Is monopolistic competition efficient? Suppose that a firm produces wool jackets 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 black 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...
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