If an industry is perfectly competitive or monopolistically competitive, then the government has relatively little reason for concern about a) the extent of competition. b) regulatory recapture. c) taking advantage of economies of scale. d) new ways of pleasing customers.

The market for corn in Brazil has a large number of sellers and there is no difference in the products sold by each seller. As there are also a large number of buyers for corn, the actions of a single seller or buyer cannot affect the price. The market for corn in Brazil can be described as ____.   monopolistic competition   pure competition   an oligopoly   a monopoly   modified competition

A monopolistically competitive firm faces the following demand schedule for its product. In addition, the firm has total fixed costs equal to 20. Price Quantity $30 $26 $22 $18 $14 $10 16 $6 Refer to Table 16-7. If the firm has a constant marginal cost of $7 per unit, how much profit will the firm earn at the profit-maximizing level of output? $24 $25 $41 $66

How short-run profit or losses induce entry or exit Fantastique Bikes is a company that manufactures bikes in a monopolistically competitive market. The following graph shows Fantastique's demand curve, marginal revenue curve (MR), marginal cost curve (MC), and average total cost curve (ATC). 2. How short-run profit or losses induce entry or exit Fantastique Bikes is a company that manufactures bikes in a monopolistically competitive market. The following graph shows Fantastique's demand curve, marginal revenue curve (MR), marginal cost curve (MC), and average total cost curve (ATC). Place the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competitive company. Then, use the green rectangle (triangle symbols) to shade the area representing the company's profit or loss 500 400 350 300 ATC 250 * 200 150 100 MO MR 450 50 30 PRICE (Dollars per l 0 Demand A 0 50 100 150 200 250 300 350 400 450 500 QUANTITY…