Homework Answers
Output where MC curve intersects ATC curve is called efficient scale for monopolistically competitive firm
Third option is correct answer ie. Efficient scale of the firm
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The figure is drawn for a monopolistically competitive firm. MC ATC 140 123.33 8 PRICE Demand...
QUESTION 16 Figure 16-9 The figure is drawn for a monopolistically competitive firm. ATC Demand 56.67...
QUESTION 16 Figure 16-9 The figure is drawn for a monopolistically competitive firm. ATC Demand 56.67 Quantity Refer to Figure 16-9. In order to maximize its profit, the firm will choose to produce a. 133.33 units of output, and its profit will be zero. b. 100 units of output, and its profit will be positive. c. 100 units of output, and its profit will be zero. d. 133.33 units of output, and its profit will be negative.
MC ATC MC ATC -D MR MR 0 0 (b) MC ATC D MR (c) 65....
MC ATC MC ATC -D MR MR 0 0 (b) MC ATC D MR (c) 65. Refer to the above diagrams, which pertain to monopolistically competitive firms. Short-run equilibrium entailing economic loss is shown by: A) diagram a only. B) diagram b only. C) diagram conly. D) both diagrams a and c. 66. Refer to the above diagrams, which pertain to monopolistically competitive firms. A short-run equilibrium entailing economic profits is shown by: A) diagram a only. B) diagram b...
Price ATC MC MR Quantity This monopolistically competitive firm is currently experiencing if it is operating...
Price ATC MC MR Quantity This monopolistically competitive firm is currently experiencing if it is operating at the profit-maximizing output. a profit zero economic profits a loss
The figure shows the demand and cost curves for a monopolistically competitive firm in the long...
The figure shows the demand and cost curves for a monopolistically competitive firm in the long run. The maximum economic profit this firm can earn equal equals O A. $160. B. $80. OC. $0. OD. $120. MC ATC Price and costs (dollars per unit) MR 4 8 12 16 20 24 Quantity (units per day)
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.
3. Is monopolistic competition efficient? 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 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 associated with...
The monopolistically competitive firm represented in the graph is in: MC ATC $10 $8.50 $2 MR...
The monopolistically competitive firm represented in the graph is in: MC ATC $10 $8.50 $2 MR O long-run equilibrium since it is earning zero profit. O short-run equilibrium since it is earning zero proft. O short-run equilibrium, but not long-run equilibrium since it is earning positive economic profit O long-run equilibrium, but not short-run equilibrium since it is earning positive economic profit
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...
1) The above figure definitely shows a) a long-run equilibrium for a monopolistically competitive firm. b)...
1) The above figure definitely shows
a) a long-run equilibrium for a monopolistically competitive
firm.
b) an industry with few firms.
c) a long-run equilibrium for a perfectly competitive firm.
d) a long-run equilibrium for a perfectly competitive market.
2) The firm in the above figure has a markup of ________ per
meal.
a) $0
b) $4
c) $8
d) $10
3) According to the graph bellow:
Q1 to Q2 // Q2 to Q3 // Q4 to Q5
a) The...
Figure 16-10 The figure is drawn for a monopolistically-competitive firm. Price MC 160 ATC 12333 Demand 36.67 MR 100 13...
Figure 16-10 The figure is drawn for a monopolistically-competitive firm. Price MC 160 ATC 12333 Demand 36.67 MR 100 133 33 15492 Quantity 34. Refer to Figure 16-10. In response to the situation represented by the figure, we would expect a. this firm's profit to move from its current value toward zero. b. some of the firms that are currently in the market to exit. c. the demand for this firm's product to increase, assuming this firm does not exit....
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...
QUESTION 16 Figure 16-9 The figure is drawn for a monopolistically competitive firm. ATC Demand 56.67 Quantity Refer to Figure 16-9. In order to maximize its profit, the firm will choose to produce a. 133.33 units of output, and its profit will be zero. b. 100 units of output, and its profit will be positive. c. 100 units of output, and its profit will be zero. d. 133.33 units of output, and its profit will be negative.
MC ATC MC ATC -D MR MR 0 0 (b) MC ATC D MR (c) 65. Refer to the above diagrams, which pertain to monopolistically competitive firms. Short-run equilibrium entailing economic loss is shown by: A) diagram a only. B) diagram b only. C) diagram conly. D) both diagrams a and c. 66. Refer to the above diagrams, which pertain to monopolistically competitive firms. A short-run equilibrium entailing economic profits is shown by: A) diagram a only. B) diagram b...
Price ATC MC MR Quantity This monopolistically competitive firm is currently experiencing if it is operating at the profit-maximizing output. a profit zero economic profits a loss
The figure shows the demand and cost curves for a monopolistically competitive firm in the long run. The maximum economic profit this firm can earn equal equals O A. $160. B. $80. OC. $0. OD. $120. MC ATC Price and costs (dollars per unit) MR 4 8 12 16 20 24 Quantity (units per day)
The monopolistically competitive firm represented in the graph is in: MC ATC $10 $8.50 $2 MR O long-run equilibrium since it is earning zero profit. O short-run equilibrium since it is earning zero proft. O short-run equilibrium, but not long-run equilibrium since it is earning positive economic profit O long-run equilibrium, but not short-run equilibrium since it is earning positive economic profit
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...
1) The above figure definitely shows
a) a long-run equilibrium for a monopolistically competitive
firm.
b) an industry with few firms.
c) a long-run equilibrium for a perfectly competitive firm.
d) a long-run equilibrium for a perfectly competitive market.
2) The firm in the above figure has a markup of ________ per
meal.
a) $0
b) $4
c) $8
d) $10
3) According to the graph bellow:
Q1 to Q2 // Q2 to Q3 // Q4 to Q5
a) The...
Figure 16-10 The figure is drawn for a monopolistically-competitive firm. Price MC 160 ATC 12333 Demand 36.67 MR 100 133 33 15492 Quantity 34. Refer to Figure 16-10. In response to the situation represented by the figure, we would expect a. this firm's profit to move from its current value toward zero. b. some of the firms that are currently in the market to exit. c. the demand for this firm's product to increase, assuming this firm does not exit....
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...
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