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3. How does the demand curve for monopolist firm differ from the demand curves for firms...
How does the demand curve faced by the firm in a purely competitive market differ from...
How does the demand curve faced by the firm in a purely competitive market differ from the demand curve faced by a firm participating in a monopolistically competitive market? How might that impact the price of the product in the the marketplace and the quantity the firm produces?
What explains the horizontal demand curve for a Firm in a perfectly competitive market? How does...
What explains the horizontal demand curve for a Firm in a perfectly competitive market? How does this differ from the Market demand curve in a perfectly competitive market? Explain the behavior of marginal revenue in a Market compared to a Firm.
What if TWO firms are acting as a joint-monopolist and face the demand curve from before...
What if TWO firms are acting as a joint-monopolist and face the demand curve from before (Q = 1000 - 4P). Except Firm 1 has cost TC = 50Q and Firm 2 has cost TC = Q^2 (Q-squared). How much does firm 2 produce? 25 50 100 200 300
Consider a firm that is a monopolist and sells in two distinct markets. The demand curves...
Consider a firm that is a monopolist and sells in two distinct markets. The demand curves in the two markets are: P1 = 160 -8Q1 P2 = 80-2Q2 The marginal cost curves is 5+ Q where Q is the firms entire output destined for either market. What pricing policy would you suggest? How many units of output should it sell in each market?
3. Suppose that a monopolist sells in two markets with demand curves: la = 100 –...
3. Suppose that a monopolist sells in two markets with demand curves: la = 100 – 10PA OB = 8 – 2PB Show that for any given quantity, demand is more elastic in market A than in market B. 3 points Suppose that the monopolist produces at zero marginal cost. How much does he supply in each market, and what price does he charge? 3 points Suppose the monopolist's Marginal Cost curve is represented by: MC = 0/21 How much...
1. Answer the following questions: a. Why is the demand curve for a monopolist downward-sloping, while...
1. Answer the following questions:
a. Why is the demand curve for a monopolist downward-sloping,
while the demand curve for the perfectly competitive firm is
horizontal?
b. Suppose a perfectly competitive industry is suddenly
transformed to a monopoly industry. What will happen to price,
output, consumer and producer surplus, and deadweight loss?
c. If the wireless phone industry is dominated by four large
firms, each with 20% of market share, and 2 small firms, each with
10% market share, what...
Statement 1: For a monopoly firm, the marginal revenue curve is the same as the demand...
Statement 1: For a monopoly firm, the marginal revenue curve is the same as the demand curve for its product. Statement 2: A monopolist uses the same profit maximization rule that the perfectly competitive firm uses. Both statements (1) and (2) are false. Both statements (1) and (2) are true. Statement (1) is true; statement (2) is false. Statement (1) is false; statement (2) is true. Which of the following is TRUE of the model of perfect competition? There are...
Consider a single-price monopolist (i.e. the monopolist cannot price discriminate) facing the following market demand curve:...
Consider a single-price monopolist (i.e. the monopolist cannot price discriminate) facing the following market demand curve: P = 120 − Q. The monopolist has constant marginal cost of $20 and zero fixed cost. (a) Determine the monopolist’s profit maximizing quantity, denoted QM, and profit maximizing price, denoted PM. (b) Determine the quantity and price that would result in the market if this instead were a competitive market, denoted QC and PC, respectively. (c) Draw a picture of the market demand...
A monopolistically competitive firm has the following demand and total cost curves: Demand: P= 9 -0.25Q...
A monopolistically competitive firm has the following demand and total cost curves: Demand: P= 9 -0.25Q TC= 124 -16Q + Q2 a. Find the price and quantity that maximizes profits for the monopolistically competitive firm b. How much profits does the monopolistically competitive firm make at the profit-maximizing level of quantity? c. Explain the following: What adjustments do you expect to happen in the market in the long-run? What will happen to the demand curve of the firm (will it...
How does a monopolist or monopolistically competitive firm determine graphically if the demand for its product...
How does a monopolist or monopolistically competitive firm determine graphically if the demand for its product is elastic, unit elastic or inelastic? Why does it not want to operate where demand is inelastic
3. Suppose that a monopolist sells in two markets with demand curves: la = 100 – 10PA OB = 8 – 2PB Show that for any given quantity, demand is more elastic in market A than in market B. 3 points Suppose that the monopolist produces at zero marginal cost. How much does he supply in each market, and what price does he charge? 3 points Suppose the monopolist's Marginal Cost curve is represented by: MC = 0/21 How much...
1. Answer the following questions:
a. Why is the demand curve for a monopolist downward-sloping,
while the demand curve for the perfectly competitive firm is
horizontal?
b. Suppose a perfectly competitive industry is suddenly
transformed to a monopoly industry. What will happen to price,
output, consumer and producer surplus, and deadweight loss?
c. If the wireless phone industry is dominated by four large
firms, each with 20% of market share, and 2 small firms, each with
10% market share, what...
Statement 1: For a monopoly firm, the marginal revenue curve is the same as the demand curve for its product. Statement 2: A monopolist uses the same profit maximization rule that the perfectly competitive firm uses. Both statements (1) and (2) are false. Both statements (1) and (2) are true. Statement (1) is true; statement (2) is false. Statement (1) is false; statement (2) is true. Which of the following is TRUE of the model of perfect competition? There are...
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