The monopoly firm is while the perfectly competitive firm is O a. a firm that faces a downward-sloping demand curve, a firm that faces a vertical demand curve b. resource allocative efficient, not resource allocative efficient c. not resource allocative efficient, resource allocative efficient O d. a firm that produces the quantity at which MR = MC, not a firm that produces the quantity of output at which MR = MC

Price and cost (dollars per ride) The graph shows the market for the two zipline firms that operate in a resort city. If the firms decide to compete, then together they will produce rides at a price of per ride. 60 O A. 400: $30 MC O B. 400; $50 50 O C. between 200 and 400: between $30 and $50 40 O D. 200: $30 O E. 200; $50 30 20 'D 10 MR 100 200 300 400 500 Quantity (number of rides)

Suppose that there are exactly 1000 firms in the short-run in the market for widget production. The market is perfectly comp below: 100 6 75 50 25 10 20 MC 5 b. 3000 O c. zero d. 5000 ATC AVC 80 100 123 140 Market demand for widgets is given by the following equation: Q-140,000-400P What is the long-run equilibrium profit level per firm? O a. 1500 quart

The perceived demand curve for the is Select the correct answer below: O perfectly competitive firm; also the market demand curve O perfectly competitive firm; downward sloping O monopolist; upward sloping O monopolist; also the market demand curve

In the Cournot model the final level of output is the output that would be produced if the industry was a monopoly, and is the output that would be produced if the industry was perfectly competitive. O a. greater than; less than O b. greater than; equal to Oc. equal to; less than O d. less than; greater than In the Cournot model, when a new firm begins production it assumes its demand curve is O a. the market demand less the amount the other firm is selling. O b. the market demand plus the amount the other firm is selling. Oc. the same as the competing firm's demand curve. O d. one-half of the competing firm's demand curve.

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What is a price taker? A price taker is O A. a firm with a downward-sloping demand curve. O B. a firm that is unable to affect the market price. Oc. a firm with a perfectly inelastic demand curve. O D. a firm that has the ability to charge price greater than marginal cost. O E. a firm that does not seek to maximize profits. When are firms likely to be price takers? A firm is likely to be a price taker when O A. it sells a differentiated product. O B. barriers to entry are substantial. OC. it has market power. O D. it represents a small fraction of the total market,. O E. firms in the industry collude.

2. Suppose that the market for wind chimes is a competitive market. The following graph shows the daily cost curves of a particular firm operating in this PRICE (Dollars per wind chime) 40 b) 36 32 28 24 20 16 2 8 4 0 MC 0 2 4 + 10 12 14 16 18 20 QUANTITY (Thousands of wind chimes per day) 8 market: a) In short run, at a market price of $26 per wind chime how much will firm ATC AVC 6 the market price is $26 in th quantity you obtained in question (a), indicate the area that represents firm's profit or loss in short run on the graph. c) What is this firm's shutdown price, that is the price below which it is optimal for the firm to shut down in short run? d) In the long run, all firms can enter and exit the market, and all entrants have the same costs as above. As this market makes the transition to its long-run equilibrium, will the price rise or fall? Will the quantity demanded rise or fall? Will the quantity supplied by each firm rise or fall? Explain your answers. e) Graph the…

The table shown displays the total costs for various levels of output for a firm operating in a perfectly competitive market. Price $50 $50 $50 $50 $50 $56 When one unit is produced exceed O marginal costs, marginal revenue, more O marginal revenue; marginal costs more O marginal revenue, marginal costs; less Omarginal costs, marginal revenue, less and the fem should produce Quantity 0 1 2 3 4 15 TC $10.00 $20.00 $2750 $77 50 $147.50 $250 00

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