QUESTION 5 When firms charge different prices for differentiated products in imperfect competition, each firm faces a demand curve that is than would be the case if the raarket was perfectly competitive. a. farther to the left b. flatter O c. farther to the right O d. less elastic

The American market for shoes is a good example of monopolistic competition. In a situation where Adidas is earning a large economic profit in the short-run, Nikemay try to increase their advertising to capture some of that business, If Nike is successful in their campaign, what would happen to the demand curve for Adidas and the price at which they can sell?O a. The demand curve shifts up and to the right, and the price rises.O b. The demand curve shifts up and to the right, and the price falls.O c. The demand curve shifts down and to the left, and the price walls.O d. The demand curve shifts down and to the left, and the price rises.Oe. Nike cannot affect the demand for Adidas since this is a monopolistically competitive market.

Mario's Pizza is the only pizza place in Sorrento City. The graph shows the market demand curve for pizza in Sorrento City. Mario's Pizza is a perfect price discriminator. What is the marginal revenue from the 20th pizza sold in an hour? The marginal revenue from the 20th pizza sold in an hour is O A. $300 O B. - $4 O C. $16 O D. $15 40- 35- 30- 25- 20- 15- 10- 5- 0+ -0 Price (dollars per pizza) -10 5 10 15 20 25 30 Quantity (pizzas per hour) D 35 40 -S

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3. The components of marginal revenue Sean's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Initially, Sean produced eight fire engines, but he has decided to increase production to nine fire engines. The following graph shows the demand curve Sean faces. As you can see, to sell the additional engine, Sean must lower his price from $80,000 to $60,000 per fire engine. Note that while Sean gains revenue from the additional engine he sells, he also loses revenue from the initial eight engines because he sells them all at the lower price. Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial eight engines by selling at $60,000 rather than $80,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engine at $60,000. PRICE (Thousands of dollars per fire engine) Sean 100 90 80 70 40 10 ++ 0 0 1 True + 2 False 3 4 5 QUANTITY…

3. The components of marginal revenue Dmitri's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Initially, Dmitri produced four fire engines, but he has decided to increase production to five fire engines. The following graph shows the demand curve Dmitri faces. As you can see, to sell the additional engine, Dmitri must lower his price from $105,000 to $90,000 per fire engine. Note that although Dmitri gains revenue from the additional engine he sells, he also loses revenue from the initial four engines because he sells them all at the lower price. Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial four engines by selling at $90,000 rather than $105,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engine at $90,000. 150 135 Revenue Lo 120 Demand 105 80 Revenue Gained PRICE (Thousands of dollars per fe engine 228…

Air Canada and WestJet recently cut their prices for flights between Toronto and Edmonton to $199. In response, Porter Airlines cut its price from $239 to $199 for flights between Toronto and Edmonton in order to remain competitive. Based on this example, what degree of competition exists in the airline industry? Select one: O a. monopolistic competition O b. oligopoly O C. perfect competition O d. not enough information to answer O e. Monopoly B

3).  DOORDASH  How can Data Analytics Improve the advantages DoorDash has on the competition Include such economic ideas such as the Three Inputs we discuss, the Idea of R&D in this process  What are two fixed costs for DoorDash and two Variable Costs?  What are three Barriers to Entry that limit Perfect Competition in this industry?  What are the Determinants of Supply in Economics and how do two of them relate to DoorDash?

The graph illustrates the demand for haircuts and the costs of producing haircuts Draw a point at the profit-maximizing output and price if this industry is perfectly competitive Label the competitive equilibrium Ec Draw a point at the profit-maximizing output and price if the haircut producer is a single-price monopoly Label the monopoly equilibrium EM How do we redefine the curves in the graph when a perfectly competitive industry is taken over by a single firm? When a perfectly competitive industry is taken over by a single firm, the competitive industry's curve becomes the monopoly's OA. marginal revenue, demand OB. average total cost, supply. curve, 30 25 20- 15- 10- 0.0 Price and cost (dollars per haircut) MR 10 20 40 Quantity (thousands of haircuts) MC ATC D