44. Which of the following does a monopolistic competitive firm engage in to try and increase profits: Select one: O a. Non-pricing competition O b. Shadow markets C. Price fixing d. Collusion
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![44. Which of the following does a monopolistic competitive firm engage in to try and increase profits:
Select one:
O a. Non-pricing competition
b. Shadow markets
O C Price fixing
O d. Collusion](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2367f907-0b2b-47eb-9005-b0193b2aae47%2F70b5b079-80c3-4edf-b6bb-a3af0be43163%2Fvhpsw8_processed.jpeg&w=3840&q=75)
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- ls uccess Tips ■ccess Tips NOUT Actumpto Koup the Highest/3 3. Is monopolistic competition efficient? Suppose that a firm produces baseball bats in a monopolistically competitive market. The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve. Place a black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost. PRICE (Dollars par bat) 80 70 60 20 MO о о 10 20 40 ATC 60 QUANTITY (Thousands of bas) Demand Man Camp Outcome Min Unit Cost Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that optimal quantity. Furthermore, the quantity the firm produces in long-run equilibrium is average total cost. at the the quantity at which…Which of the following is likely to occur in the long run based on the graph of the monopolistically competitive firm below? A. New firms are likely to enter the market decreasing prices and profits for all firms. B. New firms are likely to enter the market increasing prices and profits for all firms. C. Existing firms are likely to exit the market decreasing prices and profits for all firms. D. Existing firms are likely to exit the market increasing prices and profits for all firms. E. none of the aboveExhibit 10.5 Price 3.25 3.00 2.50 0 700 1,000 MC MR ATC D = AR Quantity Exhibit 10.5 shows the demand, marginal revenue, and cost curves for a monopolistically competitive firm. At the profit-maximizing (or loss-minimizing) output and price, the firm would O a. have to expand to stay in business in the long run. O b. be better off shutting down, since total revenue does not cover fixed costs. O c. be experiencing an economic loss. O d. be earning an economic profit. O e. be earning zero economic profit.
- 1. Consider a monopolistically competitive market of hair salon. Glamour Hair Salon is one of the many firms in the market best known for their hair spa service. They have been running the business for 30 years already. With this, imagine its long run equilibrium.4. 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 Competitive Market Monopolistically Competitive Market Identical products Free entry Many sellers Price taker O O O O4. Is monopolistic competition efficient? Suppose that a company operates in the monopolistically competitive market for pickleball paddles. The following graph shows the demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve for the firm. Place a black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost. (?) PRICE (Dollars per paddle) 100 R 60 50 40 30 20 10 0 0 MC ATC MR 10 20 30 40 50 60 QUANTITY (Thousands of paddies) 70 Demand 80 90 100 + Mon Comp Outcome Min Unit Cost Because this market is monopolistically competitive, you can tell that it is in long-run equilibrium by the fact that at the optimal quantity for each firm. Further, a monopolistically competitive firm's average total cost in long-run equilibrium is…
- Refer to Figure 17-5. Efficient scale is reached O a. at 100 units. O b. beyond 133.33 units. O c. at 133.33 units. O d. between 100 and 133.33 units. 13 Figure 17-5 The figure is drawn for a monopolistically competitive firm. PRICE MC 140 123.33 ATC Demand 90 56.67 100 133.33 QUANTITY MRWhich of the following market types has all firms selling products so identical that buyers do not care from which firm they buy? Select one: O a. monopolistic competition O b. oligopoly O c. monopoly O d. perfect competitionWhich of the following describes the long run equilibrium for a firm in monopolistic competition with free entry? Select one: O Price = Average Total Cost, Price > Marginal Cost O Price > Average Total Cost, Marginal Revenue = Marginal Cost O Price > Average Total Cost, Price = Marginal Cost O Price = Average Total Cost, Marginal Revenue > Marginal Cost
- 8. 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 curveΣ B. 20 10 50 30 20 PRICE (Dollars per bat) Homework (C (91. 4. Is monopolistic competition efficient? Suppose that a firm produces baseball bats in a monopolistically competitive market. The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve. Place a black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost. 06 Mon Comp Outcome Min Unit CAst 09 40 10 MR Demand pleuwe 09 06 QUANTITY (Thousands of bats) Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that ▼ at the optimal eticall the miair MacBook Pro ACID & 5. R H N command commQUESTION 4 If a monopolistically competitive market experiences economic loss in the short run then O a. some of the new firms will enter the market in the long-run, O b. some of the existing firms will exit the market in the long-run. O c. all the firms will stay in the long-run. O d. some firms will stay and some firms will leave the market in the long-run. QUESTION 5 One similarity between a monopoly firm and a monopolistically competitive firm is O both have downward sloping demand curve which is above the marginal revenue curve. O both have downward sloping demand curve which is below the marginal revenue curve. O that the demand curve for both are horizontal. O that the demand curve for both are vertical. QUESTION 6 A positive economic profits in the short-run of a monopolistically competitive market would O a. cause the market to become perfectly competitive in the long-run. O b. make no difference as no firms entering or exiting in the long-run. O. make some existing firms to…
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