What is an assumption of the model of monopolistic competition? O Consumers lack adequate information about the prices and qualities of products. O There are significant barriers to entry in the market. O There are only a few firms in the industry. O None of these choices.
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- If the firms in a monopolistically competitive market are earning economic profits or losses in the short run, would you expect them to continue doing so in the long run? Why?Aside from advertising, how can monopolistically competitive films increase demand for their products?Which of the following is a characteristic of monopolistic competition? O few sellers O homogeneous product zero long-run profits O barriers to entry OO
- a. b. C. d. Price panel a panel b panel c panel di Price (a) (c) MA MC MR ATC Quantity MC ATC D Quantity Price Price (b) MR (d) MC Quantity MC مما ATC Refer to Figure 3. Assume a monopolistic competitive environment: From the 4 graphs depicted, which one of them represents a short-run equilibrium that encourages the entry of other firms? ATC Quantity DCreate a Graph For this assignment; you will produce a marginal cost anatys graph and answer some cuestons. Steps competition, monopolistic compettion, cligopoly, monopoly) 2. Draw a marginal analysis graph. Trso it the market for the prodict vou chosef (Label the axes the margral cost carve (Mc), the marginal reverue curve (MiR), and the profit-maximizing cuantity (apm) You do not need to use reai numbers 3 Answer the reflection questions in complete sentences: What is your proouct and its price? What type of mankel does your product costin? Why is the margnal cost curve the same basic snape no manter the product? At the profit-makimizing quantify is the price of your procues equal to hipher than or lower than marginal Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.es Mailings Review View Help a v v Po E-E-FEAT 也。 Paragraph rrice and cost Jaollars per uni 80 60 40 20 ity: Investigate V D 0 20 40 60 80 100 Quantity (units per week) 27) Refer to Figure 13.2.2. To maximize economic profit, this firm in monopolistic competition charges a price of ? 28) Refer to Figure 13.2.2. To maximize economic profit, this firm in monopolistic competition produces an output of? 29) Refer to Figure 13.2.2. This firm in monopolistic competition A) is incurring an economic loss. B) is in long-run equilibrium. C) is making an economic profit. D) must raise its price to maximize economic profit. E) will make more economic profit in the long run. (DELL) O O J MR MC Normal ATC No Spacing Styles Heading 1
- The following graph characterizes a firm in a monopolistically competitive market. 32 24 18 16 12 8- ATC This show that the firm is 12 MC earing zero economic profits. producing 16 units of the good. in a long run equilibrium. in a short run position. MR 16 20 24 Demand 28 32 QFigure 1. $ A B 0 E If you cannot see the image above, click here to download. F G O producing output G. O achieving positive economic profit in the short run. O achieving positive economic profit in the long run. O realizing 0 economic profit. MC Refer to Figure 1. This monopolistic competitive producer is: MR D ATC QuantityExplain the profit-maximizing output leveland profitof a monopolistic firm by drawing a graph. What are the advantages of internal economies of scale? Explain them briefly. What is the meaning of ‘acceptable loss’for a perfectly competitive firm ? Draw a graph and explain. How can we increase the Total Revenue of productsby using elasticity? Explain them briefly.
- Which of the following is the best example of a monopolistically competitive industry? O land-based long distance telephone service O wheat farming O the local electricity producer manufacturing of shirts O cable televisionThe graph shows the demand curve and marginal revenue curve of Java Time, Inc., a producer of espresso machines in monopolistic competition. Draw the firm's marginal cost curve if Java Time produces 125 espresso machines a week. Label it Draw a point at the profit-maximizing quantity and price. if average total cost at the profit-maximizing quantity is $100 a machine, what is Java Time's economic profit? Java Time's economic pro t is $ Selected: none ON 804 604 0 Price and cost (dollars per machine) 25 50 75 100 125 150 1175 200 225 250 2 Quantity (espresso machines per week) >>> Draw only the objects specified in the question ate Clear ?Which of the following is not a difference between perfect competition and monopolistic competition? The monopolistic competitor faces a downward sloping demand curve. O Long run economic profit. O Excess capacity. Mark up over marginal cost. МaсBook esc F1 F2 F3 F4 F5 $ % 2 4 6. W R tab S D F caps lock Z X V # 3