70) The supply curve for a monopolist is the upward-sloping portion of the marginal cost curve that lies above the average variable cost curve. 71) Monopolistically competitive firms have some control over the price o their products. 72) When oligopolists collude, they collectively tend to achieve similar results as a monopolist. 73) Refer to the diagram for a nondiscriminating monopolist. At the profit- maximizing output, the firm's economic profit will be BAFG. 74) Monopolistic competition provides the benefit of product variety but a the cost of productive inefficiency. 75) If three or four homogeneous oligopolists collude, the resulting price and production outcomes will be similar to those of pure monopoly.

70) The supply curve for a monopolist is the upward-sloping portion of the marginal cost curve that lies above the average variable cost curve. 71) Monopolistically competitive firms have some control over the price o their products. 72) When oligopolists collude, they collectively tend to achieve similar results as a monopolist. 73) Refer to the diagram for a nondiscriminating monopolist. At the profit- maximizing output, the firm's economic profit will be BAFG. 74) Monopolistic competition provides the benefit of product variety but a the cost of productive inefficiency. 75) If three or four homogeneous oligopolists collude, the resulting price and production outcomes will be similar to those of pure monopoly.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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