ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Explain in what sense historical accidents can play an important role in establishing a center (or a cluster) of an industry when the industry is strongly influenced by external economy in a
monopolistic competition .
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- How do you find the profit maximizing PRICE (not level of output) on a graph for a monopoly with demand, marginal revenue, marginal cost, and average total cost curves. Group of answer choices Find the minimum point on the ATC curve and go straight over to the price axis. Find the point where MR = MC and go straight over to the price axis. Find the point where MR = MC, go straight up until you hit the demand curve, and then go straight over to the price axis. Find the point where demand hits marginal cost and go straight over to the price axis.arrow_forwardPrice Price @ (c) MA MC MR ATC Quantity MC ATC D Quantity Price Price (b) MR 6 MC D Quantity MC ATC ATC D Quantity छे 110arrow_forwardMarket structure grid?arrow_forward
- Which of these businesses are in monopolistic competition? Two clothing shops, one selling women clothing and the other selling kids clothing Two agricultural producers, each selling a variety of kinds of citrus fruit Two pet stores, one of which sells dog products and the other of which sells bird products Two phone providers, each offering benefits to customers who switch to its servicearrow_forwardThe fast-food restaurants would be an example of which market model? Monopolistic competition Pure competition Pure monopoly Oligopolyarrow_forwardThe diagram below illustrates a firm under monopolistic competition: (a) Label the curves Curve I, Curve II, Curve III, Curve IV. (b) Graphically identify profit maximizing output and price (c) Explain how the amount of profit is defined at the maximum-profit output. II II IV Qarrow_forward
- In the model of monopolistic competition, an increase in industry output will cause individual firms' demand curves to become ________, which will ________ demand for higher-priced goods and ________ demand for lower-priced goods.arrow_forwardWhich of the following market types are allocatively efficient? Question Monopoly Oligopoly Monopolistic competition None of the abovearrow_forwardQuestion 14 An oligopoly is a market structure, dominated by more firms than a monopolistic structure. False Truearrow_forward
- If a monopolistically competitive firm is earning positive profits in the short-run, then we would expect more competition to enter the industry assuming there are no barrier to entry in the market: True or Falsearrow_forward(a) Consider a monopoly trading firm that dominates a particular market. Describe the factors that contribute to the monopoly's ability to control prices and generate profits and as such discuss its short run and long run profit situation. Use relevant diagrams to support your answer.(b) Suppose more firms are interested in joining the market and over the years, the market structure is characterised by monopolistic competition. Discuss the implication on the firm's short-run and long run profits. Use relevant diagrams to support your answer.arrow_forwardDiscuss why a producer in an oligopolist market ("few" competitors) will pay closer attention to their competitors than a producer in a highly competitive market ("many" competitors).arrow_forward
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