Homework Answers
1. Option A
Explanation: Market power is the power to influence the market price by changing the quantity supplied.
2. Option A
Explanation: The economic profit would attract more firms to enter the market until all firms earn normal profit.
3. Option C
Explanation: This maximizes the profit of the monopoly.
4. Option C
Explanation: A monopolist faces a downward sloping demand curve, which is equal to its marginal revenue curve.
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PART III COVERS CLO 5 uan 4 marks Question 1 Choose the correct answer. Each question...
1. Which of the following is NOT a characteristic of a monopolistically competitive market?
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A monopolist faces a demand curve P = 210 - 3Q and faces a constant marginal cost MC = 15.
A monopolist faces a demand curve P = 210 - 3Q and faces a constant marginal cost MC = 15. a) Calculate the profit-maximizing monopoly quantity and compute the monopolist's total revenue at the optimal price. d) Suppose that this monopoly opens for competition and the market becomes perfectly competitive. The firms face constant marginal cost MC = 15. Find the long-run perfectly competitive industry price and quantity.
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1. Which of the following is true for a monopolist? a. Its marginal revenue curve is equal to its demand curve. b. It faces many competitors. c. It faces a perfectly elastic demand curve. d. It must lower its price on all of its units in order to sell any additional units. 2. Which of the following is characteristic of a perfectly competitive market? a. Significant barriers to entry. b. Price below marginal revenue c. A large number of firms....
please answer all 16. To say that a firm is a price taker means that: a....
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16. To say that a firm is a price taker means that: a. the firm's demand curve is perfectly inelastic b. the firm's marginal revenue curve is downward sloping c. the firm's average total cost curve is horizontal d. the firm can alter its output without influencing price e. all of the above 17. In a perfectly competitive market, the demand curve facing the firm is: a. identical to the market demand curve b. perfectly clastic even...
UUS ment_id 1332651_1&course id=_1773666 1&content_ide43267378 18 stepenuh Question completion Status QUESTION 16 In the long run...
UUS ment_id 1332651_1&course id=_1773666 1&content_ide43267378 18 stepenuh Question completion Status QUESTION 16 In the long run a firm will ext an industry if the market price is less than its break-even price shutdown price marginal cost fixed cost QUESTION 17 Different firms in a competitive industry will have differing shutdown they have different cost curves they are charging different prices they entered the indutry at different times they all have identical cost curves QUESTION 18 An industry's output is produced...
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1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal...
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