1. A perfectly competitive firm is a price 2. A perfect competitive firm has a demand curve. ; whereas, a monopolist is a price demand curve; whereas a monopolist has a 3. For a perfectly competitive firm, P 4. A perfectly competitive firm will charge a price MC. 5. Considering a perfectly competitive market and a monopoly market, each with the same demand and marginal cost curves, Consumers' surplus is greater in the market. MR. MC; however, a monopolist charges a price MR, but for a monopolist P
1. A perfectly competitive firm is a price 2. A perfect competitive firm has a demand curve. ; whereas, a monopolist is a price demand curve; whereas a monopolist has a 3. For a perfectly competitive firm, P 4. A perfectly competitive firm will charge a price MC. 5. Considering a perfectly competitive market and a monopoly market, each with the same demand and marginal cost curves, Consumers' surplus is greater in the market. MR. MC; however, a monopolist charges a price MR, but for a monopolist P
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Lesson 5.7 - Perfect Competition vs. Monopoly
1. A perfectly competitive firm is a price
2. A perfect competitive firm has a
demand curve.
3. For a perfectly competitive firm, P.
4.
A perfectly competitive firm will charge a price
MC.
5.
__; whereas, a monopolist is a price
demand curve; whereas a monopolist has a
MR, but for a monopolist P
MR.
MC; however, a monopolist charges a price
Considering a perfectly competitive market and a monopoly market, each with the same demand and marginal
cost curves, Consumers' surplus is greater in the
market.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F39af88cb-6eb0-409d-9998-a38ceaef6071%2F7f30a52d-7273-4d52-90ee-7b94b33e6119%2Fvfsb73_processed.png&w=3840&q=75)
Transcribed Image Text:Lesson 5.7 - Perfect Competition vs. Monopoly
1. A perfectly competitive firm is a price
2. A perfect competitive firm has a
demand curve.
3. For a perfectly competitive firm, P.
4.
A perfectly competitive firm will charge a price
MC.
5.
__; whereas, a monopolist is a price
demand curve; whereas a monopolist has a
MR, but for a monopolist P
MR.
MC; however, a monopolist charges a price
Considering a perfectly competitive market and a monopoly market, each with the same demand and marginal
cost curves, Consumers' surplus is greater in the
market.
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