Classify the following markets as perfectly competitive, monopolistic, or monopolistically competitive, and explain the answers.a. wooden no. 2 pencilsb. copperc. local electricity serviced. peanut buttere. lipstick

Business Essentials TRU RED R N H Q5. The figure below shows a monopolistically competitive market for a fictional brand of shampoo called SqueakyKleen. a. What is the price and quantity of SqueakyKleen in the short run? b. What is the efficient price and quantity of Squeaky Kleen? c. Draw the deadweight loss? MC, MR, ATC and Price MC 3 2.5 25 1.5 ATC 0.5 MR D 0 20 40 60 80 100 120 Bottles of shampoo (millions)

Westchesser Gloves is a monopolistically competitive firm that sells leather gloves. a. In the graph below, highlight the area of profit or loss. Price per pair ($) Incorrect 10 9 8 7 3 2 1 0 Average total cost 0 10 20 30 40 50 Pairs of gloves (in thousands) Westchesser's profit/loss: $ Marginal cost 80 Incorrect Demand Marginal revenue 60 70 80 90 100 b. Calculate Westchesser's profit/loss at the profit maximizing price. Profit or loss

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2.32 CATEGORIZATION What type of market is it? In part A, determine whether each market listed is an example of Perfect Competition (PC) or Monopolistic Competition (MC). In part B, determine whether each item is a characteristic of Perfect Competition or Monopolistic Competition, or both (PC and MC). Circle your answer choices. A. 1. РC MC breakfast cereal 2. PC MC wheat 3. PC 4. PC MC fast food MC milk 5. PC MC video rentals . PC MC large number of buyers and sellers 7. РС MC the seller "takes" the market price 8. РС MC the seller aims to maximize profit 9. PC MC the most competitive market structure 10. PC MC the product is homogeneous B.

Part II | The graph below shows a monopolistically competitive firm in the short run. Price and Cost 8 9 8 20 0 100 MR 200 300 400 500 600 700 800 Output MC 9. What is the firm's profit-maximizing price and quantity? 10. How much profit does that firm make at that price and quantity? 900 ATC -d-p

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