Homework Answers
Ans) the correct option is d) all of these statements are true.
Ans) the correct option is d) can earn positive economic profits by acting like a monopolist.
Ans) the correct option is a) profit earned in the short run.
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The monopolist chooses to produce: O at an inefficient outcome. where marginal cost equals marginal revenue....
QUESTION 6 In the short run, a monopolistically competitive firm. O makes profits just as it...
QUESTION 6 In the short run, a monopolistically competitive firm. O makes profits just as it does in the long run because of barriers to entry O will earn zero economic because of free entry and exit. O produces where MR-MC O produces where PEMC QUESTION 7 In the long run, a monopolistically competitive firm: O makes profits just as it does in the short run because of barriers to entry will earn zero economic because of free entry and...
2.Based on the demand and cost data for a pure monopolist given in the table below,...
2.Based on the demand and cost data for a pure monopolist given in the table below, answer the following questions -------------------------------------------------------------------------------------------------------------- Output 0 1 2 3 4 5 Price ($) 1000 600 500 400 300 200 Total Cost 500 520 580 700 1000 1500 -------------------------------------------------------------------------------------------------------------- a. Calculate the marginal revenue and marginal cost for this monopolist. b. How many units of output will the profit-maximizing monopolist produce? At what price? c. If this is a perfectly discriminating monopolist and he...
In the long run, a monopolistically competitive firm will O Produce where price equals average cost....
In the long run, a monopolistically competitive firm will O Produce where price equals average cost. Earn an economic profit O Produce a greater output level than would a perfectly competitive firm Suffer a loss because of its advertising budget
8. Refer to the graph above depicting a perfectly competitive firm. When maximizing profit, the total...
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...
need answers to these multiple choice questions for econ study guide MC ATC D. P3 QUANTITY...
need answers to these multiple choice questions for econ study
guide
MC ATC D. P3 QUANTITY 14. If the firm is in short-run equilibrium at a price of P5, a perfectly competitive firm will maximize total profits by producing at which of the following levels of output? a. Q1 b. 02 c. 03 d. Q4 e. Q5 15. At which price will this perfectly competitive firm make normal profit? a. P1 b. P2 c. P3 d. P4 e. P5 24....
QUESTION 2 The demand curve faced by a monopolistically competitive firm is: flat. kinked. upward-sloping. downward-sloping...
QUESTION 2 The demand curve faced by a monopolistically competitive firm is: flat. kinked. upward-sloping. downward-sloping QUESTION 3 Without a product differentiation, the demand curve for a monopolistically competitive firm would look like that of: O a monopoly firm. O a perfectly competitive firm. an oligopoly firm. a duopoly firm. QUESTION 4 Aside from advertising, how can monopolistically competitive firms increase demand for their products?! government edict. increasing its price. decreasing its price. Increasing the number of locations where it...
QUESTION 1 Which of the following is not a characteristic of the monopolistic competition market structure?...
QUESTION 1 Which of the following is not a characteristic of the monopolistic competition market structure? Many sellers, each small in size relative to the overall market. Few sellers. Differentiated product. Easy, low-cost entry and exit. QUESTION 2 Which of the following is the best example of a monopolistic competitor? Wheat farmers. Restaurants. Air Canada. General Motors. QUESTION 3 In the long run, both monopolistic competition and perfect competition result in: a wide variety of brand-name choices for consumers. an...
The graph to the right shows the Marginal Cost (MC), Average Total Cost (ATC), and Marginal...
The graph to the right shows the Marginal Cost (MC), Average Total Cost (ATC), and Marginal Revenue (MR) curves for a perfectly (or purely) competitive firm. Note that the Demand (D) curve is the same as the MR curve for such a MR/MC ($) firm. Assume that the cost curves here are representative of other firms in the industry. Given the current price, this firm will: earn a positive profit. earn a negative profit. earn zero economic profit. In the...
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. A cartel is a group of firms that attempts to a. maximize joint revenue. b....
1. A cartel is a group of firms that attempts to a. maximize joint revenue. b. increase competition. c. behave independently. d. maximize joint profit. 2. If a firm's product loses brand loyalty, then the demand curve will: a. Become less price elastic. b. Shift to the right. c. Become more price elastic. d. Shift to the left. 3. Assume a monopoly confronts the same costs and demand as a competitive industry. In this case, the monopolist produces: a. Less...
QUESTION 6 In the short run, a monopolistically competitive firm. O makes profits just as it does in the long run because of barriers to entry O will earn zero economic because of free entry and exit. O produces where MR-MC O produces where PEMC QUESTION 7 In the long run, a monopolistically competitive firm: O makes profits just as it does in the short run because of barriers to entry will earn zero economic because of free entry and...
In the long run, a monopolistically competitive firm will O Produce where price equals average cost. Earn an economic profit O Produce a greater output level than would a perfectly competitive firm Suffer a loss because of its advertising budget
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. $56,000 economic profit this year. ATC AVC - 01 02 03...
need answers to these multiple choice questions for econ study
guide
MC ATC D. P3 QUANTITY 14. If the firm is in short-run equilibrium at a price of P5, a perfectly competitive firm will maximize total profits by producing at which of the following levels of output? a. Q1 b. 02 c. 03 d. Q4 e. Q5 15. At which price will this perfectly competitive firm make normal profit? a. P1 b. P2 c. P3 d. P4 e. P5 24....
QUESTION 2 The demand curve faced by a monopolistically competitive firm is: flat. kinked. upward-sloping. downward-sloping QUESTION 3 Without a product differentiation, the demand curve for a monopolistically competitive firm would look like that of: O a monopoly firm. O a perfectly competitive firm. an oligopoly firm. a duopoly firm. QUESTION 4 Aside from advertising, how can monopolistically competitive firms increase demand for their products?! government edict. increasing its price. decreasing its price. Increasing the number of locations where it...
The graph to the right shows the Marginal Cost (MC), Average Total Cost (ATC), and Marginal Revenue (MR) curves for a perfectly (or purely) competitive firm. Note that the Demand (D) curve is the same as the MR curve for such a MR/MC ($) firm. Assume that the cost curves here are representative of other firms in the industry. Given the current price, this firm will: earn a positive profit. earn a negative profit. earn zero economic profit. In the...
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