100 90 Mon Comp Outcome 80 70 Min Unit Cost 60 50 ATC 40 30 20 10 MC MR Demand 10 20 30 40 50 80 70 80 08 100 QUANTITY (Thousands of shirts) Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that v at the optimal quantity for each firm. Furthermore, the quantity the firm produces in long-run equilibrium is v the efficient scale. True or False: This indicates that there is a markup on marginal cost in the market for shirts. O True O False Monopolistic competition may also be socially inefficient because there are too many or too few firms in the market. The presence of the externality implies that there is too much entry of new firms in the market. PRICE (Dollars per shirt)

Suppose the graph depicts the marginal cost (MC) curves of two profit maximizing Texas cotton farmers, Jesse and Neal. Assume Jesse and Neal sell their cotton in the same competitive market. What is the most efficient way for Jesse and Neal to produce a total of 1200 bales of cotton? Jesse's optimal output: Neal's optimal output: 400 Incorrect 200 Incurrect bales bales Price and cost $10- 9- 8- 7- 6- MC MC 0 100 200 300 400 500 600 700 800 900 1000 Bales of cotton

The American market for shoes is a good example of monopolistic competition. In a situation where Adidas is earning a large economic profit in the short-run, Nikemay try to increase their advertising to capture some of that business, If Nike is successful in their campaign, what would happen to the demand curve for Adidas and the price at which they can sell?O a. The demand curve shifts up and to the right, and the price rises.O b. The demand curve shifts up and to the right, and the price falls.O c. The demand curve shifts down and to the left, and the price walls.O d. The demand curve shifts down and to the left, and the price rises.Oe. Nike cannot affect the demand for Adidas since this is a monopolistically competitive market.

Consider the competitive market for rhenium. Assume that no matter how many firms operate in the industry, every firm is identical and faces the same marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves plotted in the following graph. 0 90 80 70 60 V 50 40 ATC 30 20 AVC MC D COSTS (Dollars per pound) PRICE (Dollars per pound) 100 90 80 70 60 The following graph plots the market demand curve for rhenium. 50 40 30 Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 10 firms in the market. (Hint: You can disregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.) Next, use the purple points (diamond symbol) to plot the short-run industry supply curve when there are 20 firms. Finally, use the green points (triangle symbol) to plot the short-run industry supply curve when there are 30 firms. 20 100 10 10 0 0 0 5 0 15 20 30 35 40…

The following graph shows the daily market for small cardboard boxes in San Diego. PRICE (Dollars per small box 10 9 Demand 0 161 6 QUANTITY (Millions of small boxes) 2 Supply 19 10 Suppose that Talero is one of more than a hundred competitive firms in San Diego that produce such cardboard boxes. Based on the preceding graph showing the daily market demand and supply curves, the price Talero must take as given is

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12. Consider a duopoly market. Two firms are selling identical products and all costs are assumed to be zero for simplicity. Market demand schedule is given in the following table. Note that firms always choose an integer value for the quantity of production. Quantity Price Total Profit 3 $12 4 11 5 8 6 6. 7 4 8 2 1 10 a. Fill in the column of total profit.

Uncertain if what I have is correct

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 oligopoly

Suppose the market for fast-food value meals is monopolistically competitive, with many restaurants selling their own brand of food. Assume the restaurants in the industry behave optimally by maximizing profit. The figure to the right represents the market for one monopolistically competitive firm's value meals. How will this figure change as the market moves toward long-run equilibrium? In the long run, O A. the average cost curve and the marginal cost curve will shift up because the firms are currently making profit. O B. the demand curve will shift to the left and become more elastic because the firms are currently making profit. nothing will change because monopolistically competitive markets have barriers to new firms entering. OC. O D. the demand curve will shift to the right and become more elastic because the firms are currently experiencing losses. O E. nothing will change because the firms in this market are breaking even. Price and cost (per value meal) 8.00- 7.60- 7.20 6.80…