Question 22 only please 21. When output (Q) = 20, AVC = 30, and ATC = 40, calculate TFC. (NOTE: TC = TFC + TVC)22. A monopoly firm's supply curve does not exist. Select the correct one.TRUEFALSEUnknown

Answered: 21. When output (Q) = 20, AVC = 30, and…

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 22 only please

21. When output (Q) = 20, AVC = 30, and ATC = 40, calculate TFC. (NOTE: TC = TFC + TVC)
22. A monopoly firm's supply curve does not exist. Select the correct one.
TRUE
FALSE
Unknown

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(Note: Answered only 22 as stated by the student)

Monopoly

A company that sells its product exclusively and without any close substitutes is said to have a monopoly. An unchecked monopoly has the ability to set prices and has market power. A monopolistic corporation not only controls the market entirely, but it also does not need to be concerned about competition.

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