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- Q8. The similarity between Monopoly and Monopolistic competition is vow a) Free entry and exit of firms marginal revenue b) Quality of product is same c) Price charged exceeds d) Demand curves are perfectly elastic. Q9. Which of the following conditions is acceptable as the last stage of production for a P.C. firm? a) Size of loss equals to total fixed cost b) Size of loss equals to total variable cost c) Size of loss equals to total cost d) Firm earns zero economic profit Q10 The monopolistic competitive firm produces product a) That is slightly differentiated b) That is significantly different from each other c) That is considerably different from each other d) That is of lower quality than the P.C. firmA small, local restaurant in St. Augustine, FL, serves scrambled eggs for breakfast. The market for breakfast scrambled eggs is monopolistically competitive. The following graph shows the demand, MR, MC, and ATC curve of this local restaurant. Use the graph to answer questions 3 to 7. Price (P) per plate $10 7 5 3 2 0 MC MR 50 80 100 ATC Number of plates of scrambled eggs served per day (Q)Which are the following are characteristics of a monopolistically competitive market? Price Taking Behavior Price Makers Differentiated Products Zero profit in the l ong run
- What are some characteristics of a monopolistic competition and the number of firms (a few, one, many etc.)A Monopolistic Competition has [Select] producer(s), products are [ Select ] it is [Select] to enter the market, and producers in a monopolistic competition have Select ] control over prices.A monopolistically competitive firm faces the following demand curve for its product: Price ($) 10 6. 8. 17. 6. 3 2 1 Quantity 4 6. 8. 10 12 14 16 18 20 Refer to the Table. The firm has total fixed costs of $20 and a constant marginal cost of $9 per unit. How many units will the firm produce? "Don't leave spaces before, after or in between your number.
- "prove diagrammatically that a monopolistic firm charges a higher price than a competitive firm"In what way(s) is a monopolistically competitive firm inefficient? Group of answer choices It charges a price lower than marginal cost. It produces where marginal revenue is equal to marginal cost. It does not produce at the minimum of its average cost curve.Proponents of monopolistic competition point to which of the following?
- Give an example of an industry with monopolistic competition. (Remember that this is an industry structure and not a specific business within that industry.) Explain the benefits or detractions of this type of competition.In the long run the selling price of a monopolistically competitive firms product is equal to he minimum per unit cost of production .do you agree with this statement ?if not then why not?Under conditions of monopolistic competition, firms may pursue a strategy of product differentiation.Explain what this strategy entails.
