The above figure shows Antonia’s sandwich shop which is a monopolistic competitive firm. Answer and explain your answers to the following questions. a) How many sandwiches will Antonia’s sandwich shop produce? b) What price will Antonia’s sandwich shop produce? c) What is Antonia’s sandwich shop total cost? d) What is Antonia’s sandwich shop total revenue? e) What is Antonia’s sandwich shop economic profit or loss? f) Is this a long-run equilibrium? Why or why not?
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The above figure shows Antonia’s sandwich shop which is a monopolistic competitive firm. Answer and explain...
Based on the graph above, what is the profit this monopolistic competitive firm earns in the long run? Price MC ATC $14 $13 D MR $1 - 80 120 160 Quantity
Part 1. 1. Use the figure above to answer this question. Consider a perfectly competitive market experiencing good times. Figure ________ shows a firm maximizing profit in the LONG RUN because it produces ________ units and makes an economic profit of ________. A) A; 100; $2 per unit B) A; 90; $3 per unit C) B; 100; $0 per unit D) C; 100; $3 per unit Part 2. 2. The figure above shows a firm's demand and marginal revenue curves...
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 7 Monopolistic competitive firms in the long run earn: positive economic profits. zero pure economic profits. negative economic profits. Positive, zero, or negative economic profits. QUESTION 8 Which of the following statements best describes firms under monopolistic competition? Profits will be positive in the long run. Price always equals average variable cost. In the long run, positive economic profit will be eliminated. Marginal revenue equals minimum average total cost in the short run. QUESTION 9 Which of the following...
19) The above figure shows the cost curves for a competitive firm. If the price is _______, then this firm will _______, and it ______ shut down in the short run. A) less than $10; incur economic loss; will not. B) greater than $10; earn economic profit; will not. C) less than $10; incur economic loss; may or may not. D) B and C only E) A and B only $1q] MC 15 AC 11 10 AVC 40
8. Refer to the graph above depicting a perfectly competitive firm. When maximizing profit, the total profit earned by the firm represented is: A. $220. B. $275. C. $330 D. $605, 26. Refer to the graph above of a monopolistically competitive firm. If the firm maximizes profit, it will earn: A. zero economic profit this year. B. $320,000 economic profit this year. C. 584,000 economic profit this year. D. $56,000 economic profit this year. ATC AVC - 01 02 03...
The above figure shows the demand and cost curves for a firm in monopolistic competition. If the firm decides to produce 8 units, the firm earns total revenue of a)$120 b)$15 c)$160 d)$0 e)$40
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...
The following graph shows the demand and cost curves for a perfectly competitive firm. The profit-maximizing firm will: MC ATC // AVC Multiple Choice shut down. ο produce with short-run losses. O produce with long-run economic profits. ο produce with short-run economic profits.
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...