#2 please Name three characteristics of a monopoly firm.2) Give an example of a business that is considered amonopoly.3) How does a monopoly firm (or any business) decidethe quantity that should be produced to maximize profit?In other words, what rule do they follow?4)1)Draw the monopoly cost curves where the firm ismaking a profit. Shade in the area of profit.5) If the monopoly firm is making a profit will otherfirms join the market (like they did in perfectcompetition) and eliminate the profits of the monopoly?Why or why not?6) Draw the monopoly curves where the firm is losingmoney. Shade in the area of loss.7) If a firm in any market structure is losing moneywhat will they do in the long-run?8) How is the price and quantity that a monopolyproduces different than the price and quantity that isproduced in perfect competition?9) Draw the cost curves of a monopoly where thebusiness would immediately (short-run) shut-down.10) Draw the cost curves for a monopoly and show thearea of consumer surplus, producer surplus anddeadweight ls.

A monopoly firm is the sole supplier of the good in the market and therefore a monopoly firm faces…

1) Name three characteristics of a monopoly firm. 2) Give an example of a business that is considered a monopoly. 3) How does a monopoly firm (or any business) decide the quantity that should be produced to maximize profit? In other words, what rule do they follow? 4) Draw the monopoly cost curves where the firm is making a profit. Shade in the area of profit. 5) If the monopoly firm is making a profit will other firms join the market (like they did in perfect competition) and eliminate the profits of the monopoly? Why or why not? Draw the monopoly curves where the firm is losing 6) money. Shade in the area of loss. If a firm in any market structure is losing money 7) what will they do in the long-run? 8) How is the price and quantity that a monopoly produces different than the price and quantity that is produced in perfect competition? 9) Draw the cost curves of a monopoly where the business would immediately (short-run) shut-down. 10) Draw the cost curves for a monopoly and show the area of consumer surplus, producer surplus and deadweight Ioss.

1) Name three characteristics of a monopoly firm. 2) Give an example of a business that is considered a monopoly. 3) How does a monopoly firm (or any business) decide the quantity that should be produced to maximize profit? In other words, what rule do they follow? 4) Draw the monopoly cost curves where the firm is making a profit. Shade in the area of profit. 5) If the monopoly firm is making a profit will other firms join the market (like they did in perfect competition) and eliminate the profits of the monopoly? Why or why not? Draw the monopoly curves where the firm is losing 6) money. Shade in the area of loss. If a firm in any market structure is losing money 7) what will they do in the long-run? 8) How is the price and quantity that a monopoly produces different than the price and quantity that is produced in perfect competition? 9) Draw the cost curves of a monopoly where the business would immediately (short-run) shut-down. 10) Draw the cost curves for a monopoly and show the area of consumer surplus, producer surplus and deadweight Ioss.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

#2 please

Name three characteristics of a monopoly firm.
2) Give an example of a business that is considered a
monopoly.
3) How does a monopoly firm (or any business) decide
the quantity that should be produced to maximize profit?
In other words, what rule do they follow?
4)
1)
Draw the monopoly cost curves where the firm is
making a profit. Shade in the area of profit.
5) If the monopoly firm is making a profit will other
firms join the market (like they did in perfect
competition) and eliminate the profits of the monopoly?
Why or why not?
6) Draw the monopoly curves where the firm is losing
money. Shade in the area of loss.
7) If a firm in any market structure is losing money
what will they do in the long-run?
8) How is the price and quantity that a monopoly
produces different than the price and quantity that is
produced in perfect competition?
9) Draw the cost curves of a monopoly where the
business would immediately (short-run) shut-down.
10) Draw the cost curves for a monopoly and show the
area of consumer surplus, producer surplus and
deadweight ls.

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