QUESTION 2 Quantity 1 45 2 3 6 7 8 9 Price 5 5 5 5 5 5 5 5 5 price and quantity relationship in the table is most likely that faced by a firm in a O monopoly. concentrated market. competitive market. strategic market.

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By approximately how much did the price of the heart drug for babies increase when a monopoly was established?

Figure 10-4 АТС MC $24 20 15 10 MR 50 70 Quantity What price should a competitive price-searcher firm with the cost and demand conditions depicted in Figure 10-4 10- 4.png charge if it wants to maximize its profit? $10 $15 $20 $24 Price

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360 315 270 225 180 135 90 45 S SMC MR D 0 1500 4500 7500 10500 The figure above shows the demand and cost curves facing a price-setting firm. 1) The profit-maximizing (or loss-minimizing) level of output is 2) In profit-maximizing (or loss-minimizing) equilibrium, the price-setting firm eams $ in total revenue, which is than the maximum possible total revenue of $ 3) in short run the maximum profit the firm can earn is $ ATC AVC

9. If a firm is able to set price, A) it is a monopoly.B) its marginal revenue is constant.C) it sells its output at a constant price.D) it faces a downward-sloping demand curve.

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