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Which of the following is most likely a
Question 15 options:
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Airlines |
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Electric company |
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Restaurants |
|
All of the above are equally likely to be monopolistic competitio |
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- Assuming that the monopolistic competitor faces the demand and costs depicted below and finds the profit maximizing level of output, what will be the firm's profit? Question 21 options: a) $64 b) $70 c) $24 d) $48Which of the following is shared by both monopolistically competitive markets and prefectly competitive markets?Suppose firms in a monopolistically competitive market are experiencing positive economic profits, then as the market seeks long run equilibrium Question 18 options: a) the number of firms in the market decreases b) each existing frim will experience a decrease in demand for its product c) each existing firm will experience an increase in marginal revenue d) none of the above
- The following table shows the daily cost data and demand schedule for a typical firm producing board games in a monopolistically competitive market in the short run. Fill in the values in the Marginal Cost, Total Revenue, and Marginal Revenue columns in the following table and then answer the questions that follow. Quantity Price Total Cost Marginal Cost Total Revenue Marginal Revenue Average Total Cost (Вoard games) (Dollars per game) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) 12.00 13 2 10.00 28 3 9.00 30 4 8.00 36 6.00 40 6. 4.00 60 7 2.00 72 8. 1.00 96 Under monopolistic competition, a typical firm will produce board games at a price of $ per board game in the short run. Based on your calculations, the firm will Fill in the Average Total Cost column in the previous table. Based on your calculations, the level of excess capacity in this monopolistically competitive market isThe table above is for a monopolistic competitive firm. What will the firm's profit equal in the short run? Question 3 options: $0 $91 $102 $228The following table shows the daily cost data and demand schedule for a typical firm producing board games in a monopolistically competitive market in the short run. Fill in the values in the Marginal Cost, Total Revenue, and Marginal Revenue columns in the following table and then answer the questions that follow. Quantity Price (Board games) (Dollars per game) Total Cost Marginal Cost (Dollars) (Dollars) Total Revenue (Dollars) Marginal Revenue (Dollars) Average Total Cost (Dollars) 1 16.00 14.00 10.00 8.00 6.00 4.00 2.00 2 3 4 5 6 7 8 0.50 12 18 21 24 35 48 63 80 Under monopolistic competition, a typical firm will produce Based on your calculations, the firm will Fill in the Average Total Cost column in the previous table. ^^^^^^^ board games at a price of $ Based on your calculations, the level of excess capacity in this monopolistically competitive market is per board game in the short run.
- Which of the following best describes a monopolistically competitive firm? Group of answer choices a A firm which behaves like a monopoly, analyzing outcomes along the demand for its own good b A firm which behaves like a monopoly, analyzing outcomes along the market demand curve c A firm which maximizes profit by producing where price equals marginal cost d A firm that will either cooperate or compete against competitors depending on strategyWhich of the following statements is correct? Group of answer choices The more similar Firm A’s product is to Firm B’s product, the more likely Firm A is to advertise. Monopolistically competitive firms advertise in order to increase the elasticity of the demand curve they face. According to the signaling theory, the more product information an advertisement contains, the more effective it is. Brand names may help consumers if they provide information about the quality of a product when acquiring such information is difficult.Consider the long-run equilibrium in a monopolistically competitive market. Which of the following alternatives is correct? (a) Price is equal to marginal cost (b) The equilibrium is cost-efficient: Firms produce at the minimum of the average cost curve (c) The equilibrium is welfare-efficient: There is no deadweight loss (d) There are no barriers to entry: Every firm earns zero profits
- Which of the following are characteristics the monopolistically competitive firm and the perfectly competitive firm do not have in common? Question 6 options: a) in the long run price equals ATC b) both typically exhibit an upward sloping marginal cost curve c) both earn zero economic profits in the long run d) both set price equal to marginal revenueMonopolistic 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 QuantityConsider a monopolistically competitive industry where firms differ in productivity levels. When the industry opens to international trade, transportation and other transaction costs may determine which firms will remain exclusively in the local market and which firms will become exporters.a) True or False?b) Explain with the support of a graph.