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- at 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.…ls uccess Tips ■ccess Tips NOUT Actumpto Koup the Highest/3 3. Is monopolistic competition efficient? Suppose that a firm produces baseball bats 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 par bat) 80 70 60 20 MO о о 10 20 40 ATC 60 QUANTITY (Thousands of bas) Demand Man Camp Outcome Min Unit Cost Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that optimal quantity. Furthermore, the quantity the firm produces in long-run equilibrium is average total cost. at the the quantity at which…
- The graph below is for Chic and Sharpe Ltd., a firm in the women's garment industry, which is monopolistically competitive. Cost and revenues 70 60 50 40 30 10 0 Seleg v Select Quantity per period Select Select v 10 20 30 40 50 60 70 80 90 O Search Prev 1 of 6 HHH Next >TI,e market for peanut butter in , utville is monopolistically competitive and in long-run cquilibriun,.One day, consumer advocate Skippy )if discovers thatall brands of peanut buuer in · utville arc identical.TI,ercalter, the market beromes perfectly compctiti vc and again reaches its long-run equilibriun. Usingan appropriate diagram, explain whether each of thefollowing varmblcs increases, decreases, or stays thesame for a typical firm in the market.a. priceb. quantityc. average total costd. margi.na.l coste. profiter to the information provided in Figure 15.2 below to answer the questions that follo Demand and cost conditions for We Do Hair MC ATC 32 28 24 20 MR 40 46 50 60 Number of perms b. 1) Refer to Figure 15.2. The profit-maximizing number of perms for We Do Hair, a monopolistically competitive firm, is 2) Refer to Figure 15.2. At We Do Hair, a monopolistically competitive firm, the profit- maximizing price for a perm is 3) Refer to Figure 15.2. If We 1Do Hair is maximizing profit as a monopolistically competitive firm, it is earning a profit of 4) Refer to Figure 15.2. If We Do Hair is maximizing profit as a monopolistically competitive firm, its total revenue equals 5) Refer to Figure 15.2. If We Do Hair is maximizing profit as a monopolistically competitive firm, its total costs are 6) Refer to Figure 15.2. From society's point of view, the efficient level of output is 7) Refer to Figure 15.2. In this monopolistically competitive industry, in the long run, Acessibility: Investigate D…
- Bob competes in a monopolistically competitive market. Suppose some new firms enter the market, causing his perceived demand curve to shift. The following tables show Original Demand Curve his demand curves, before and after the change, and his cost information. Price Quantity TC Assume that Bob can only choose from the quantities of output given in the table. By how much will his profit change after these new firms enter the market? $33 $20,000 $32 1,000 $30,000 $31 2,000 $45,000 $30 3,000 $70,000 $29 4,000 $100,000 New Demand Curve Price Quantity TC $30 $20,000 $29 1,000 $30,000 $28 2,000 $45,000 $27 3,000 $70,000 $26 4,000 $100,000 O his profits will not change O decrease by $9,000 O increase by $11,000 O decrease by $11,000OA OB OC Alpha's Price Policy OD. High Low A с Beta's Price Policy High Low $20 $30 $20 $10 B D $10 The diagram above shows potential outcomes for two oligopolistic competitors. Beta's profits are shown in the upper right corner of each box and Alpha's profits in the lower left corner. If Alpha and Beta engage in collusion (and do not cheat), where will they end up? $15 $30 $15Study Tools ins ess Tips ss Tips PRICE (Dellars per engine) 288 RSS #RR 100 50 30 20 10 MO 0 0 10 ATC MR Demand 20 30 40 50 70 DO 90 QUANTITY (Thousands of engines) 100 Mon Comp Outcome Min Unt Cost Decause this market is a monopolistically competitive market, you can tell that it is in long-run equilibrum by the fact that optimal quantity. Furthermore, a monopolistically competitive firm's average total cost in long-run equilibrium is average total cost. at the the minimum
- uestlon 4 Of 16 A monopolistic competitor wishing to maximize profit will select a quantity where marginal cost equals demand. marginal cost equals average cost. marginal revenue equals average cost. O marginal revenue equals marginal cost. If a firm is producing a quantity where marginal revenue exceeds marginal costs, the firm should existing levels of production in order to expand ; decrease total costs O expand ; increase profitability decrease ; increase total revenue decrease ; increase profitability If a firm is producing a quantity where marginal cost exceeds marginal revenue, the firm should existing levels of production in order to decrease ; increase profitability expand ; decrease total costs O expand ; increase profitability decrease ; increase total revenueSuppose that the market for e-readers is an oligopoly controlled by Amazon.com , Barnes and Noble,Sony, and Apple. Barnes and Noble is consideringincreasing its output. How would this affect themarket price? How would it affect the profits ofeach company?Review Question 12-01 O A monopolistically competitive firm gets a massive amount of free advertising when a government agency gives it an award and millions of people mention the award to each other on social media. Which of the following is most likely to happen? Mc Graw Multiple Choice O Demand becomes more elastic and pricing power increases. Demand becomes less elastic and pricing power decreases. Demand becomes less elastic and pricing power increases. Demand becomes more elastic and pricing power decreases. < Prev 10 of 10 MacRook Di Next