2. Complete the following table by indicating if each attribute characterizes a competitive market or a monopolistically competitive market. * Perfect Competition Monopolist. Competition Product differentiation Identical "standardized" products Some control over prices No control over price No barrier to entry (easy to enter and exit market) Low barrier of entry Example: Candy selling Example: Restaurants

2. Complete the following table by indicating if each attribute characterizes a competitive market or a monopolistically competitive market. * Perfect Competition Monopolist. Competition Product differentiation Identical "standardized" products Some control over prices No control over price No barrier to entry (easy to enter and exit market) Low barrier of entry Example: Candy selling Example: Restaurants

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Monopolistic competition graph Figure 13-6 Price and cost per unit, G 9" 8" Q2 Q4 Q1 MR Q3 0, 0₁ Question 13 (1 point) Refer to Figure 13-6. What is the monopolistic competitor's profit maximizing output? Demand ATC Quantity
Exercise A.2. Point out the basic characteristics that define monopolistic competition and indicate the inefficiencies of this market structure.
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A monopolistic competitor has the following information about cost and demand. Quantity Price ($) Total Revenue ($) Marginal Revenue ($) Total Cost ($) Marginal Cost Average ($) Cost($) 0 25 0 25 30 2 24 48 23 35 2.5 175 4 23 92 21 45 5 11.25 6 22 132 19 60 7.5 10 8 21 168 17 77 8.5 9.63 10 20 200 15 100 11.5 10 12 19 228 13 126 13 10.5 14 18 252 11 165 19.5 11.79 16 17 272 9 210 22.5 13.13 18 16 288 7 260 25 14.44 20 15 300 5 320 30 16 If this industry was perfectly competitive, what price would the good sell for? $15 $19 $21 $23
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2.32 CATEGORIZATION What type of market is it? In part A, determine whether each market listed is an example of Perfect Competition (PC) or Monopolistic Competition (MC). In part B, determine whether each item is a characteristic of Perfect Competition or Monopolistic Competition, or both (PC and MC). Circle your answer choices. A. 1. РC MC breakfast cereal 2. PC MC wheat 3. PC 4. PC MC fast food MC milk 5. PC MC video rentals . PC MC large number of buyers and sellers 7. РС MC the seller "takes" the market price 8. РС MC the seller aims to maximize profit 9. PC MC the most competitive market structure 10. PC MC the product is homogeneous B.
16 The following table shows a monopolist's demand curve and the cost information for the production of its good. What will their profits equal? Quantity Price per Unit Total Cost 10 $100 $100 20 $80 $400 30 $60 $800 40 $40 $1,400 50 $20 $2,400 A $1,000 BO $1,600 CO $1,200 DO $800
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