Question

B Monopoly C Oligopoly (not Cutthroat) D Monopolstic Competitor E Cutthroat Oligopoly Figure 2 F Could be either B, C, or De 8 The firm in figure 2 is A Breaking even B Making a Profit 7 C Taking a loss D Cannot determine from the intormation given 5 7 The amount of the profit or loss is 4 This firm is in the A Short Run 31 B Long Run C. Intermediate run D Cannot determine from the information given sellers 75 100 125 150 175 200 225 250 9 In perfect competson, there are 25 50 A One Output B Few C Many sellers 10 In Monoptly, there are S Foure 2 is the graph of A One A Pefect Competito

Answer 1

As per rules and time constraint, only first question can be answered. Kindly ask other question separately. Thank you.

Ans) Perfect competition is when there are many sellers and many buyers selling homogenous products. None of them is large enough to influence the price. Hence price is decided on the basis of demand and supply in the market. Here both buyers and sellers are hence price takers.

If price is above ATC, firms get profit and if price is below, ATC, firms are incurring loss.

Figure 2 Loss P-AR-MR 25 50 75 100 125 150 175 200 225 250

Loss = l× b = 1×108 = $108(approx)

So answers are÷ Perfect competition, taking loss, $108(apprx), short run, many, one.