Homework Answers
23) It is D because price should be minimum of AVC for a firm to continue its operations. (Option C)
24) Long run price should be equal to minimum of AC which is C. (Option C)
25) Profit = (P - ATC)*Q = area AHKB. (Option B)
26) Option D
27) Option B
28) Option D
29) Option D
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For questions 23,24, and 25, use the gragh shown below 23. In the short un, competitive...
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...
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...
Help with 2-4 please. 2. Which of the following is correct? A. A purely competitive firm...
Help with 2-4 please.
2. Which of the following is correct? A. A purely competitive firm is a "Price Taker," while a monopolist is a "Price Maker." B. A purely competitive firm is a "Price Maker," while a monopolist is a "Price Taker." C. Both purely competitive and monopolistic firms are "Price Takers." D. Both purely competitive and monopolistic firms are "Price Makers." 3. Which of the following is not a barrier to entry? A. Economies of Scale B. Ownership...
1. Perfectly competitive firms do not have competitive behavior because a. the actions of any one...
1. Perfectly competitive firms do not have competitive behavior because a. the actions of any one firm would have no effect on any other firm. b. the firms are regulated. c. government legislation prevents it. d None of the above.
) Looking at differences between a single firm within a perfectly competitive market and a monopoly,...
) Looking at differences between a single firm within a perfectly competitive market and a monopoly, which of the following is true? a) A single firm within a perfectly competitive market, sees the entire downward sloping demand curve of the perfectly competitive market. b) A single firm within the perfectly competitive market can set its price at any level and will not see a change in the demand. c) Because it is the only producer in the market, the monopoly...
Compared to a perfectly competitive industry, a single-price monopoly produces OA less output OB. more output...
Compared to a perfectly competitive industry, a single-price monopoly produces OA less output OB. more output OC. the same output GEO D. some amount that might be more, less, or the same depending on whether the monopoly's marginal revenue curve lies above, below, or on its demand curve E OE some amount that might be more, less, or the same depending on whether the monopoly's marginal cost curve lies above, below, or on its marginal revenue curve
to a large number of small perfectly competitive firms. e n perfectly competitive firms and industry...
to a large number of small perfectly competitive firms. e n perfectly competitive firms and industry output will Assume an industry is currently a monopoly and the government breaks it up a. Price will fall increase b. Price will increase: decrease c. Both price: increase d. Both price: decrease Question 4 and industry output will Assume an industry is currently a monopoly and the government breaks it up Wo a large number of small perfectly competitive forms a. Price will...
1) Compared with a purely competitive industry, a monopolist produces a. more output at a lower...
1) Compared with a purely competitive industry, a monopolist produces a. more output at a lower price. b. less output at a higher price. c. more output at a higher price. d. less output at a lower price. 2) Which one of the following statements about monopoly firms and firms in a purely competitive industry is true? a. In the long run, monopoly firms and firms in a purely competitive industry operate at the minimum point of their average total...
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...
1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal...
1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal to marginal revenue. d. price is less than marginal revenue. e. average total cost equals marginal cost. Both competitive and monopolistically competitive firms a. can maximize profit by raising price. b. cannot control or set their own price c. can maximize profit by producing to...
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...
Help with 2-4 please.
2. Which of the following is correct? A. A purely competitive firm is a "Price Taker," while a monopolist is a "Price Maker." B. A purely competitive firm is a "Price Maker," while a monopolist is a "Price Taker." C. Both purely competitive and monopolistic firms are "Price Takers." D. Both purely competitive and monopolistic firms are "Price Makers." 3. Which of the following is not a barrier to entry? A. Economies of Scale B. Ownership...
1. Perfectly competitive firms do not have competitive behavior because a. the actions of any one firm would have no effect on any other firm. b. the firms are regulated. c. government legislation prevents it. d None of the above.
Compared to a perfectly competitive industry, a single-price monopoly produces OA less output OB. more output OC. the same output GEO D. some amount that might be more, less, or the same depending on whether the monopoly's marginal revenue curve lies above, below, or on its demand curve E OE some amount that might be more, less, or the same depending on whether the monopoly's marginal cost curve lies above, below, or on its marginal revenue curve
to a large number of small perfectly competitive firms. e n perfectly competitive firms and industry output will Assume an industry is currently a monopoly and the government breaks it up a. Price will fall increase b. Price will increase: decrease c. Both price: increase d. Both price: decrease Question 4 and industry output will Assume an industry is currently a monopoly and the government breaks it up Wo a large number of small perfectly competitive forms a. Price will...
1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal to marginal revenue. d. price is less than marginal revenue. e. average total cost equals marginal cost. Both competitive and monopolistically competitive firms a. can maximize profit by raising price. b. cannot control or set their own price c. can maximize profit by producing to...
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