There would be a unique product for which there are few close substitutes under which market model? Multiple Choice Pure competition Monopolistic competition Oligopoly Pure monopoly
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- what market inefficiencies derive from monopolies and monopolistic competition?Does a monopolistic competitor produce too much or too little output compared to the most efficient level? What practical considerations make it difficult for policymakers to solve this problem?Scenario Use the following information to answer questions 16-19. The graph below shows the market demand for computers in a small country. To develop a domestic computer industry, the government prohibits imports of computers and gives a single local firm the sole right to produce and sell computers (that is, it is a legal monopoly). The demand curve shows the local demand for computers. The cost curves show the marginal cost (MC) and average total cost (ATC) of the single producer. The graph also shows the marginal revenue (MR) curve faced by this firm. Price per computer (Dollars) $3500 $3000 $2500 $2000 $1500 $1000 $500 0 MR MC.. ATC Demand 10 20 30 40 50 60 70 Quantity of computers (number per year)
- Proponents of monopolistic competition point to which of the following?For a monopolistic competitor, the value marginal product (VMPVMP) curve (is the same as, lies above, or lies below) the marginal revenue product (MRPMRP) curve.Monopolistic competition creates inefficiency because of the Price markups and excess capacity. The graph depicts the situation $100 for a hypothetical monopolistically competitive firm. The 90 curves included in the graph are demand (D), marginal 80 revenue (MR), average total cost (ATC), and marginal cost ATC (MC). Use the graph to find the requested values. 70 60 What is the size of the markup on the price? 50 40 markup: $ 30 What is the size of the excess capacity? 20 MC MR 10 units excess capacity: 20 30 40 50 60 70 80 90 10 100 Quantity