In a perfectly competitive market,a. every seller tries to distinguish itself by offering abetter product than its rivals.b. every seller takes the price of its product as setby market conditions.c. every seller tries to undercut the prices chargedby its rivals.d. one seller has successfully outcompeted its rivalsso no other sellers remain

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A market that produces aEunque product and entry is aimest impossible is called- Select one. OD Perfact.compatition. O c. Olligopoly. O d. Monopolistic competition.

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Marginal benefit and marginal cost (dollars per swim) 50 MC 40 30 20 10 MB D 2 3 4 5 Manatee swims (per week) The figure above shows Kaley's marginal benefit from swimming with manatees and Scott's marginal cost of providing manatee swimming tours. At 1 manatee swim per week, Kaley's marginal benefit is __ and Scott's marginal cost is A) $40; $10 B) $40; $40 C) $90; $50

In the long run, the economic profit for a monopolistic competi Negative we cannot tell Positive Zero

Firms J and K produce compact-disc players and compete againstone another. Each firm can develop either an economy player (E)or a deluxe player (D). According to the best available marketresearch, the firms’ resulting profits are given by the accompanyingpayoff table.a. The firms make their decision independently, and each is seeking itsown maximum profit. Is it possible to make a confident predictionconcerning their actions and the outcome? Explain.Firm KE DE 30, 55 50, 60 Firm JD 40, 75 25, 50b. Suppose that firm J has a lead in development and so can move first.What action should J take, and what will be K’s response?c. What will be the outcome if firm K can move first?

1.Explain under each of the situation, a firm working under a perfectly competitive market would keep on producing or shut down. Show using diagram and also explain the condition thoroughly. a. P=14: AC=16: AVC=10 and O=40 b. P=10; AC=10; AVC=8 and Q=20 2.Show using the same dagram for both monopoly and porfect competition make sructure the consumer surplus of each market and how tlirisuhia secking lbe incrme is destributed and the 10 marks deadweight loss expetienced. Explaineyour Owa words.

Henry Potter owns the only wcU in town that pro-ducesclean drinking water. He faces the follO\\•ingdemand, marginal revenue, and marginal cost curves:Demand: P • 70 - QMarginal Revenue: MR • 70 - 2Q~arginal Cost: MC • lO + Qa. Graph these three curves. Assuming thatMr. Potter maximizes profit, what quantity docshe produce? What prioc does he charge? Showthese rcsuiiS on your graph.b. Mayor George Bailey, concerned about water con~sumcrs_. is considering a price ceiling that is10 percent below the monopoly price derived inpart (a). What quantity would be demanded atthis new price? Would the profit-maximizingMr. Potter produce that amount? Explain. (Hi11t:1hink about marginal cost.)c. George's Uncle Billy says that a price ceiling is abad idea because price ceilings cause shortages.Is he right in this case? What size shortage wouldthe prioc ociling create? Explain.d. George's friend Clarence, who is even more con~cerncd about consumers, suggests a price ceiling50 percent below the…

Answer the given question with a proper explanation and step-by-step solution. Please provide the answer using the math tool otherwise I give the downvote. Correct and incorrect both explain In the long run, the economic profits for a monopolistically competitive firm will be A. slightly more than the profits of a purely competitive firm. B. the same as the profits for a purely competitive firm. C. slightly less than the profits of a monopolist. D. the same as the profits for a monopolist.