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- 21- A town in India has three Milk producing companies. The owners of these milk companies make decisions together about when to raise and lower milk prices. It would be difficult for another milk company to enter this market. Which market structure best describes this market? a. Perfect competition b. Oligopoly c. Monopolistic competition d. MonopolyCOURSE: MICROECONOMICS 2 - MONOPOLY AND PRICE DISCRIMINATION TYPE 2 - PRICE PER CONSUMPTION BRACKETA monopolistic firm charges $90 for 30 units sold; $60 for units between 31 and 60 and $30 for units between 61 and 90 and $15 for units greater than 90. Consider marginal cost (MC) equal to zero. How much is firm's extraordinary profit?(a) If it sells 15 units.(b) If it sells 53 units(c) If it sells 95 units PLEASE GRAPHIC EACH CASEQUESTION 41 Firms in monopolistic competition can achieve product differentiation by a. setting the price equal to average revenue O b. expanding production levels O c. exploiting economies of scale O d. advertising special characteristics
- Question 5a. Use the information in this table tocalculate total revenue, marginal revenue, and marginal costs. Indicate the profit-maximizing level ofoutput. What market structure is this firm operating in? What would change if the structure were monopolistic competition? Output. Price (GHc). Total Costs (GHc) 1 5 10 2 5 12 3 5 15 4 5 19 5 5 24 6. 5 30 7 5 45 Under what circumstances would a large size provide an advantage to a firm? How could it serve as a barrier to entry? c. You and your rival must simultaneously decide what price to advertise in the weekly newspaper. If you each charge a low price, you each earn zero profits. If you each charge a high price, you each earn profits of GH¢3. If you…6. TRUE OR FALSE AND WHY?A monopolistic competitor who maximizes profits will always charge a price in the elastic range of the demand curve.5. The marginal revenue curve of a monopolistically competitive firm will always lie: a. below the firm's demand curve. b. parallel to the firm's demand curve. c. parallel to the firm's quantity axis. d. above the firm's demand curve.
- 11. In which market structure will a firm choose to stay in business (i.e. not shut down) when P8. A monopolistically competitive firm has a: a. Highly elastic demand curve b. perfectly inelastic demand curve c. Highly inelastic demand curve d. perfectly elastic demand curveQ55 Monopolistic competition is similar to perfect competition in that... a. Firms in both types of market structure engage in non-price competition. b. Strategic behaviour is common to both market structures. c. Firms in both types of market structures produce a standardised product. d. Neither has significant barriers to entry. e. Each firm faces a horizontal demand curve.One person bought a DVD player for $399.00. You paid a down payment of $99.00 and agreed to pay the balance plus an amount of $10.00 at the end of three months as interest. What annual simple interest rate would you be paying?None1. Conditions for monopolistic competition Consider the monopolistically competitive market structure, which has some features of a competitive market and some features of a monopoly. Complete the following table by indicating if each attribute characterizes a competitive market, a monopolistically competitive market, both, or neither. Check all that apply. Attributes Price equals average total cost in the long run Free entry few sellers Many sellers Competitive Market Monopolistically Competitive Market