Instructions: Upload your answers to this worksheet on SOUL in one single PDF file. Perfect Competition Monopoly Similarities Goal of firms Maximize Maximize Rule for maximizing profit Can earn economic Yes / No Yes / No profits in SR? Differences Number of firms Marginal revenue MR __ P MR Price P_ MC P MC Market quantity Larger / Smaller Larger / Smaller Market price Higher / Lower Higher / Lower Entry in the LR? Yes / No Yes / No Can earn economic Yes / No Yes / No profits in LR?

Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 10 firms in the market. (Hint: You can disregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.) Next, use the purple points (diamond symbol) to plot the short-run industry supply curve when there are 15 firms. Finally, use the green points (triangle symbol) to plot the short-run industry supply curve when there are 20 firms. PRICE (Dollars per pound) 100 90 80 70 80 50 40 30 20 10 0 0 125 250 375 500 825 750 875 1000 1125 1250 QUANTITY (Thousands of pounds) Demand Because you know that competitive firms earn Supply (10 firms) True Supply (15 firms) If there were 10 firms in this market, the short-run equilibrium price of rhodium would be $ would . Therefore, in the long run, firms would False Supply (20 firms) per pound. From the graph, you can see that this means there will be ? per pound. At that price,…

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Question 17 Compared to perfect competition, in a monopoly market structure price is and quantity is higher, lower higher, higher lower, higher lower, lower O O

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List and explain three reasons for strong barriers to entry that make it difficult for new firms to enter the market where existing firms are earning economic profits.

20 Fill in the blank with the correct answer by typing in the box. The most significant barrier to entry for coffee house firms that want to compete with Starbucks is

How can I describe the equilibrium situation of the firm operating in the perfectly competitive market and the firm operating in the monopoly market by drawing graphics, and at the same time, how can I explain the cost, revenue and demand structures with graphics? b210801021@subu.edu.tr You can send a reply to this address. If it can be in Turkish, I would be happy, but if it is not, it is not a problem.

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Suppose a perfectly competitive industry can produce a product with total cost TC = 30 and the market demand for the product is given by Q = 120- Suppose that the same market can be served by a monopolist operates with the same cost and demand functions. How does the consumer surplus change due to monopoly relative to perfect competition? O It falls by 3600 It does not change OIt falls by 6000 It falls by 4800