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- What is the relationship between product differentiation and monopolistic competition?Continuing with the scenario in question 1, in the long run, the positive economic profits that the monopolistic competitor earns will attract a response either from existing firms in the industry or film outside. As those films capture the original films profit, what will happen to the original films profit-maximizing price and output levels?Suppose that a firm produces wool jackets in a monopolistically competitive market. The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve. Place a black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost. (?) PRICE (Dollars perjacket) 100 90 80 70 60 50 40 30 20 10 0 0 MC 10 ATC MR 20 30 40 50 80 70 QUANTITY (Thousands of jackets) 80 Demand 90 100 O F ++ Mon Comp Outcome Min Unit Cost hp e
- 44. Which of the following does a monopolistic competitive firm engage in to try and increase profits: Select one: O a. Non-pricing competition b. Shadow markets C. Price fixing O d. Collusion 16. A consequence of a Maximum price is: Select one: O a. A new equilibrium established b. Excess supply Oc Over production of goods d. Excess demandat the Because this market is a monopolistically competitive market, you can tell that it is in long-run equihbrium by the fact that the efficient scale. optimal quantity for each firm. Furthermore, the quantity the firm produces n long-run equilibrium is True or False: This indicates that there is a markup on marginal cost in the market for jackets. OTrue False9 of 15 Warwick Inc. produces in a monopolistically compettive market. Which of the following corectly explains howa fmin this market struchure would transition trom the short run to the long run? O The supemomal profits eamed by Warwick Inc in the short run will attract new firma into the market. This wil shit the market supply curve to the right, which will reduce the market price and the price faced by Warwick ine. The price wil keep falling until Average Revenue equals Average Cost and only normal profits are made. O The supermormal profits eamed by Warwick Inc. in the short run will attract new firms into he martet. This wil shit Warwick ine. demand curve to the left and t wit continue to shit left until Average Revenue equals Average Cost and only normal profits are made O The supemomal profits eamed by Wanwick Inc. in the short run will lead to the market demand aurve shifing to the right, which will raise the price fims can sell at and ts wil atract now frms into the market.…
- The market for agricultural products such as wheat or corn would best be described by which market model? O monopolistic competition Opure competition Opure monopoly oligopolyRefer to Figure 17-5. Efficient scale is reached O a. at 100 units. O b. beyond 133.33 units. O c. at 133.33 units. O d. between 100 and 133.33 units. 13 Figure 17-5 The figure is drawn for a monopolistically competitive firm. PRICE MC 140 123.33 ATC Demand 90 56.67 100 133.33 QUANTITY MRThe graph depicts the long run average total cost curve for Judy's Gyros - a fast food firm in a monopolistically competitive market. In a long run equilibrium, Iratc 100 gyros Select one: O a. Judy's output would be less than 100 gyros O b. Judy's output would equal 100 gyros O c. Judy would be charging a price equal to marginal cost O d. Judy's output would be more than 100 gyros
- Figure 17-2 This figure depicts a situation in a monopolistically competitive market. 100 PRICE 90 80 70 887889 60 50 40 30 20 10 MC MR ATC Demand 10 20 30 40 50 60 70 80 90 100 QUANTITY Refer to Figure 17-2. How much profit will the monopolistically competitive firm earn in this situation? O a. $80 O b. $400 O c. $0 O d. $200QUESTION 26 Price MC 160 140 ATC 123.33 Demand 90 56.67 MR 100 133.33 154.92 Quantity The figure is drawn for a monopolistically-competitive firm. In response to the situation in this graph, we would expect O a. many new firms to enter this market O b. this firm to gain positive profit in the long run O c. this firm's profit to move from its current value toward zero in the long run O d. All of the above are correctA market that produces aEunque product and entry is aimest impossible is called- Select one. OD Perfact.compatition. O c. Olligopoly. O d. Monopolistic competition.