11) Which of the following is true for a monopoly and a competitive market? A) A...
11) Which of the following is true for a monopoly and a competitive market?
A) A goal of maximizing profit.
B) Maximize profit at the same production levels.
C) Earn the same economic profits.
D) Achieve efficiency in production at the profit-maximizing output.
E) Serve the society in the best possible way
Homework Answers
A goal of maximizing profit is true for a monopoly and a competitive market. All others are not the same for both the markets because maximize profit not at the same production levels , not earn the same economic profits , Monopoly not serve the society in the best possible way Hence,option(A) is correct.
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11) Which of the following is true for a monopoly and a
competitive market?
A) A...
Which of these statements regarding the differences between monopoly and a competitive market are true? Choose...
Which of these statements regarding the differences between monopoly and a competitive market are true? Choose one or more: A. There are more firms in a competitive market than in a monopoly. B. A monopolist can earn profits in the long run, but a firm in a perfectly competitive market cannot. C. A monopoly is a price maker, while a competitive firm is a price taker. D. A monopolist will produce less than the output produced in a perfectly competitive market.
Which of the following is a property of a monopoly but not a property of a...
Which of the following is a property of a monopoly but not a property of a perfectly competitive market? a. A monopoly produces an efficient level of output. b. A firm in a monopoly is a price taker. c. A monopoly contains many firms. d. A firm in a monopoly has no market power. e. A firm in a monopoly may earn long-run economic profits.
1.) What is the main difference between a competitive firm and a monopoly? a. A competitive...
1.) What is the main difference between a competitive firm and a monopoly? a. A competitive firm owns a key resource, but a monopoly firm does not. b. A competitive firm is a price taker, and a monopoly is a price maker. c. A competitive firm produces output at a lower cost than a monopoly firm. d. A competitive firm is subject to government regulations, but a monopoly firm is not. 2.) What is the main social problem caused by...
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Is it possible for a monopoly to achieve the same economic surplus as perfectly competitive market structure? Explain
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...
Which of the following statements is true of a monopolistically competitive firm? a. It produces more...
Which of the following statements is true of a monopolistically
competitive firm?
a. It produces more than a perfectly competitive firm.
b. Its profits are protected by significant barriers to
entry.
c. It charges lower prices than a perfectly competitive
firm.
d. It earns positive economic profits in the long run.
e. It faces a downward sloping demand curve.
.
Which of the following statements is false? B D Cost and Price E F Quantity Point B shows the level...
Which of the following statements is true? A. all market structures yield efficiency B. The perfectly competitive marke...
Which of the following statements is true? A. all market structures yield efficiency B. The perfectly competitive market structure does not yield efficiency C. No matter what the market structure, to achieve efficiency always requires government intervention D. The monopoly market structure does not yield efficiency E. The monopoly market structure always yields efficiency
Which of the following is true of price discrimination? a. It involves charging whatever the market...
Which of the following is true of price discrimination? a. It involves charging whatever the market will bear. b. In a competitive market, prices may have to be higher than in a market where the firm has a monopoly. c. It makes economic sense to charge the same prices in different countries. d. It exists whenever consumers in different countries are charged the same price for the same product, irrespective of variations. e. It cannot help a company maximize its...
Fantastique Bikes is a company that manufactures bikes in a monopolistically competitive market. The following graph...
Fantastique Bikes is a company that manufactures bikes in a monopolistically competitive market. The following graph shows Fantastique's demand curve, marginal revenue curve (MR), marginal cost curve (MC), and average total cost curve (ATC) Place the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competitive company. Then, use the green rectangle (triangle symbols) to shade the area representing the company's profit or loss.Given the profit-maximizing choice of output and price, the...
In the long run, all of the firms in a perfectly competitive industry will: exit the...
In the long run, all of the firms in a perfectly competitive industry will: exit the industry if price is greater than average total cost. produce at an output level at which average total cost equals marginal cost. earn an economic profit greater than zero. O produce an output level at which price is greater than average total cost. Which statement about the differences between monopoly and perfect competition is INCORRECT? A monopoly will charge a higher price and produce...
Which of these statements regarding the differences between monopoly and a competitive market are true? Choose one or more: A. There are more firms in a competitive market than in a monopoly. B. A monopolist can earn profits in the long run, but a firm in a perfectly competitive market cannot. C. A monopoly is a price maker, while a competitive firm is a price taker. D. A monopolist will produce less than the output produced in a perfectly competitive market.
Which of the following is a property of a monopoly but not a property of a perfectly competitive market? a. A monopoly produces an efficient level of output. b. A firm in a monopoly is a price taker. c. A monopoly contains many firms. d. A firm in a monopoly has no market power. e. A firm in a monopoly may earn long-run economic profits.
Which of the following statements is true of a monopolistically
competitive firm?
a. It produces more than a perfectly competitive firm.
b. Its profits are protected by significant barriers to
entry.
c. It charges lower prices than a perfectly competitive
firm.
d. It earns positive economic profits in the long run.
e. It faces a downward sloping demand curve.
.
Which of the following statements is false? B D Cost and Price E F Quantity Point B shows the level...
In the long run, all of the firms in a perfectly competitive industry will: exit the industry if price is greater than average total cost. produce at an output level at which average total cost equals marginal cost. earn an economic profit greater than zero. O produce an output level at which price is greater than average total cost. Which statement about the differences between monopoly and perfect competition is INCORRECT? A monopoly will charge a higher price and produce...
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