For each of the following conditions, tell whether it is true in (a) perfect competition (stage 2 equilibrium): (b) monopoly; and (c) monopolistic competition (stage 2 equilibrium). If the condition Is not true for any one of these types of market explain why 1) MR= MC 2)P= MC 3) P= AC 4) P =minimum AC 5) MWTP= P

Pick the correct answer and explain in steps

According to Mankiw, the two characteristics perfect competition, monopolistic competition, and monopoly have in common are    Question 10 options:   a)  quantity produced is where MR = MC ; could earn economic profit in the long run    b)  quantity produced  is where MR = MC; cannot earn economic profit in the long run    c)  Quantity produced  is where MR < MC ; could earn economic profit in the long run    d)  Quantity produced  is where MR > MC;  cannot earn economic profit in the long run

In many countries, the government chooses to "internalize" the monopoly by owning monopoly providers of goods and services. (In some cases these firms are "nationalized" and the government actually buys or confiscates firms that operate in monopoly markets). Explain TWO advantages and TWO disadvantages of such an approach

Answer choices are first blank: negative, positive, zero second blank: an equal number of, fewer, more

Consider the long-run equilibrium in a monopolistically competitive market. Which of the following alternatives is correct? (a) Price is equal to marginal cost (b) The equilibrium is cost-efficient: Firms produce at the minimum of the average cost curve (c) The equilibrium is welfare-efficient: There is no deadweight loss (d) There are no barriers to entry: Every firm earns zero profits

Problem 19 A publishing company has a monopoly in the sales of football cards. According to its estimates, the company's inverse demand function is p = 0.4-0.01q. The company's marginal cost is constant at £0.08. Suppose that the company wants to sell football cards in albums only. Using such a block pricing approach, what will be optimal price that the firm needs to set to maximize its profits? a) £5.12 b) £7.68 c) £2.56 d) £15.36 e) £3.84

Monopolistic Competition Consider the folowing graph, (graph 1) for the short run equilibrium for a monopolisticaily competitive firm producing printers for commercial operations. Graph1 $ Price per unit P1 ATC MC P2 Pa D3 D2 D3 Q2 Qu Q3 Quantity MR2 MR. The following information is given: D1 = $35,000- $15Q TC = $550,000+ $1,000Q+ $10Q? Answer the following and referring to the relevant elements of graph 1 above and show all workings. (a) Calculate price output and profit for the short run equilibrium (show all workings). (b) Calculate price, output and profit for the long run equilibrium (with and without product differentiation) (show all workings). (c) Is the market allocatively efficient in the short run or long run (why or why not?). (d) Is the market productively efficient in the short run or long run (why or why not?).

(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.

Problem 3. Longer problem. Consider 2 firms F1 and F2 that produce identical products and have identical cost functions c₁ (31) = y2 and c₂ (y2) = y2. The demand function is p (yr) = 24 - yr where yry1 + y2 is the output produced by the two firms. i) Find a competitive equilibrium including the price, quantity and profit in which price = marginal cost. ii) Find the monopoly solution including the price, quantity and profit in which marginal revenue marginal cost. iii) Find the oligopoly (duopoly) Nash equilibrium including the price, quantity and profit in which both firms engage in Cournot competition. iv) Suppose that the oligopolists form a cartel and play a repeated game. Assume that they maximize infinite discounted profits for periods t = 0, 1, 0, ..., specifically, To ++ (1+r)² + .... The duopolists can remain in cartel forever and share the monopoly profit equally so each of them gets Tm 2 + 2 77m 2(1+r) 2(1+r)² cheating + + Alternatively, one of them can decide to break the…