Which of the following is true of both perfectly competitive AND monopoly markets? Firms have market power. Firms earn O economic profit in the long run. Marginal revenue is equal to price. Firms choose to produce a quantity at which marginal cost is equal to marginal revenue. There is no deadweight loss.

The marginal cost to produce one bottle of developer is $5. There is no fixed cost. Note that this is a market demand, not a firm's individual demand schedule. 1)Calculate total revenue, total cost, marginal revenue and total profit. Quantity Demanded : 0, 10, 20, 30, 40, 50, 60, 70, 80 Price: 40, 35, 30, 25, 20, 15, 10, 5, 0                               2) If the market for developer is perfectly competitive, what quantity will be produced? What price will be charged? What will the firm’s profit be? Write a sentence explaining how you determined each of those three answers.

All markets that are not perfectly competitive have which of the following characteristics? Each firm's marginal revenue is always equal to the market price. The product that each firm sells has no close substitutes. Firms in the market have some control over price, that is, each firm faces a downward sloping demand curve. Firms will produce a level of output where marginal cost equals the minimum level of average cost.

Suppose that the industry demand curve is given by the following quantity demanded = 100 – 0.5 output. In equilibrium, the market price is equal to 6 pesos per unit. q TR MR TFC TVC TC AC AVC AFC MC Profits 0     10               1                 5   2                 3   3                 2   4                 1   5                 2   6                 3   7                 4   8                 5   9                 6   10                 7   11                 8     Assuming that the firm operates in a perfectly competitive market, supply the missing values in the table above. You may use a spreadsheet program to compute the values but must provide a step-by-step…