Complete the table below to describe the characteristics of a monopolistically competitive market. Select one option from the drop down list provided for each characteristic. 1. one Number of suppliers 2. Few 3. Many Product differentiation High Innovative behaviour Potentially strong +1. Low 2. High 3. InSurmountable Entry barriers Demand curve of a firm -1. Horizontal 2. Downward Sloping 3. Upward Sloping 4. Vertical Low Market power
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- The figure below depicts a monopolistically competitive firm operating in the short run. Label the diagram with the items listed to the right of the figure. You will have to decide whether the firm is making a profit or a loss. Profit Price 8 25 OF 50 QUESTIONS COMPLETED -> At ед MR MC Quantity D ATC C Loss Average total cost Profit- maximizing price Profit- maximizing output SUBMIT ANSWEare 13-7 sis and evenue $4 P2 MC FM/ ATC E OG AS SS AVC (oo) ubonq aviimoo loiteiloqo sol o bnal Po Demand MA Quantity ure 13-7 shows short-run cost and demand curves for a monopolistically competitive firm in the footwear market. 3) Refer to Figure 13-7. Which of the following statements describes the best course of action for the firm depicted in the diagram? * A) The firm should minimize its losses by producing Qy units and charging a price of P1. B) The firm should minimize its losses by producing Qy units and charging a price of P2. C) The firm should minimize its losses by producing Qy units and charging a price of Po. D) The firm should exit the industry because its price is less than its average total cost. 3) A 4) Refer to Figure 13-7. Which of the following is the area that represents the profit or loss experienced by the firm? A) A loss represented by the rectangle PivwPo. B) An accounting profit equal to P1vwPo. C)A loss represented by the rectangle P2uvP1. D) A loss…If new firms enter a monopolistically competitive industry, an individual firm's demand curve will ---- (increase/decrease). A/
- 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. 500 450 Monopolistically Competitive Outcome 400 350 ATC Profit or Loss 300 250 200 150 100 50 0 PRICE (Dollars per bike) MC MR Demand 400 0 50 100 450 500 150 200 250 300 350 QUANTITY (Bikes) Given the profit-maximizing choice of output and price, the shop is making shops in the industry relative to the long-run equilibrium. Now consider the long run in which bike manufacturers are free to enter and exit the market. profit, which means there areA monopolistically competitive firm produces ________ output than a perfectly competitive firm with the same cost curves.The resulting equilibrium price under monopolistic competition is ________ than the equilibrium price under perfect competition. Question 1Answer a. more; lower b. less; higher c. less; lower d. more; higherQuinn runs an apple orchard in a monopolistically competitive market. Quinn is maximizing profits when they sell apples for $3 per pound, produce 12,000 pounds per year. This set up creates $36,000 in profit per year. Suppose Quinn increases their price to $5. This higher price will: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a increase profits. b not change profits. cause marginal revenue to exceed marginal cost. d cause marginal cost to exceed marginal revenue. Your answer
- What does the income elasticity of demand measure? a ) The responsiveness of quantity demanded to changes in price b ) The responsiveness of quantity demanded to changes in income c ) The responsiveness of supply to changes in price d ) The responsiveness of supply to changes in income Which of the following is a characteristic of a monopolistic competition market structure? a ) Many buyers and many sellers with identical products Give me correct answer with full explanation and calculation otherwise i give downvote Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.In California, let’s assume that Armando sells bagels in a monopolisticly competitive market. Armando compiled the data represented in the table below to determine the profit-maximizing quantity at which he should sell. What is Armando’s bagel store’s profit-maximizing quantity? Quantity Price TotalRevenue MarginalRevenue TotalCost MarginalCost 5 $21 $105 $21 $150 $30 10 $18 $180 $15 $160 $2 15 $16 $240 $12 $180 $4 20 $14 $280 $8 $220 $8 25 $11 $275 $1 $270 $10 30 $10 $300 $0 $330 $12 35 $8 $280 −$4 $400 $14The monopolistically competitive firm represented in the graph is in: $ $11.40 $10.20 $7.50 0 520 630 MC ATC MR Firm's Demand Quantity Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a long-run equilibrium since it is earning zero profit. b short-run equilibrium since it is earning zero profit. C short-run equilibrium, but not long-run equilibrium since it is earning positive economic profit. d long-run equilibrium, but not short-run equilibrium since it is earning positive economic profit. Your answer
- Why does price elasticity of demand play such an important role in Ogligopolistic markets?Exercise A.8. The graph below corresponds to a company operating in a market under conditions of monopolistic competition: € 5 4 3 2 1 CM CMe 20 40 60 90 100 120 Quantity of output a) What is the level of production maximizes the short-term profits of this company? b) What price will the company charge to maximize its profits? c) What benefits does the company obtain in the short term? d) How would advertising affect the curves shown in the graph? Would profits necessarily increase? Reason your answers.Suppose Abercrombie & Fitch sells clothing in a monopolistically competitive market and that a farmer sells oranges in a perfectly competitive market. Part 2 1.) Use the line drawing tool to draw the type of demand curve likely faced by Abercrombie & Fitch. Label this lineDAF. 2.) Use the line drawing tool to draw the type of demand curve faced by an individual orange farmer. Label this line DOranges.
