Homework Answers
CORRECT ANSWERS -
1 - monopolistically competitive firm use markup to increase profits while it is not possible in competitive industries.
2 - in monopolistically competitive industry products are more differentiated than in competitive industry.
3 - firm in competitive industry must sell at market price whereas in monopolistic industry they can charge more.
INCORRECT
1 - there are few competitors in monopolistic industry while there can be many competitors in competitive industry.
2 - there are strict government regulations in monopolistic industry whereas competitive industry are regulation free.
3 - the barriers to entry are high in competitive industry and very low in monopolistic industry
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What are some of the differences between a monopolistically competitive firm and a competitive firm?
Which of the following characteristics provide a monopolistically competitive firm some monopoly power?
Which of the following characteristics provide a monopolistically competitive firm some monopoly power?
Compare and contrast the potential for a perfectly competitive firm and a monopolistically competitive firm to...
Compare and contrast the potential for a perfectly competitive firm and a monopolistically competitive firm to earn positive economic profits in the short run versus the long run. Explain your reasoning
1) Compare the characteristics of the monopolistically competitive structure to the purely competitive structure? What is...
1) Compare the characteristics of the monopolistically competitive structure to the purely competitive structure? What is the result of the differences in the long run? Why?
Use the above figure. The total cost earned by this monopolistically competitive firm is
Use the above figure. The total cost earned by this monopolistically competitive firm is $2,080 $1,600 $3,150 $1,900QUESTION 47 The demand curve for the product of a monopolistically competitive firm is perfectly elastic. is perfectly inelastic is unitary elastic. is downward sloping.
15) A monopolistically competitive firm will a. have some control over its price because its product...
15) A monopolistically competitive firm will a. have some control over its price because its product is differentiated. b. always produce at the minimum efficient scale of production. c. charge the same price as its competitors do. d. produce an output level that is productively and allocatively efficient.
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...
Consider the monopolistically competitive market structure, which has some features of a competitive market and some features of a monopoly.
Conditions for monopolistic competitionConsider the monopolistically competitive market structure, which has some features of a competitive market and some features of a monopoly. Complete the following table by indicating if each attribute characterizes a competitive market, a moralistically competitive market, both, or neither. Check all that apply. AttributesCompetitive MarketMonopolistically Competitive Market Product differentiationIdentical products Price is equal to marginal revenueFew sellers without sang
please answer all questions! In the short run, a firm in a monopolistically competitive market operates...
please answer all questions!
In the short run, a firm in a monopolistically competitive market operates much like what type of firm? U a perfectly competitive firm an oligopoly firm O a monopoly O a duopoly 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...
WHAT ARE TWO DIFFERENCES BETWEEN MONOPOLISTIC COMPETITION AND PERFECT COMPETITION?
WHAT ARE TWO DIFFERENCES BETWEEN MONOPOLISTIC COMPETITION AND PERFECT COMPETITION? ON THE GRAPH, DRAW THE AVERAGE TOTAL COST, DEMAND, MARGINAL COST. AND MARGINAL REVENUE CURVES FOR A MONOPOLISTICALLY COMPETITIVE FIRM SHOWING A PROFIT. BE SURE TO LABEL THE PROFIT MAXIMIZING PRICE AND QUANTITY.
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...
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...
please answer all questions!
In the short run, a firm in a monopolistically competitive market operates much like what type of firm? U a perfectly competitive firm an oligopoly firm O a monopoly O a duopoly 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...
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