part 2 3 A Quick Review of Perfect Competition and MonopolyFigure 39.1Graphs of Monopoly and Perfect CompetitionMonopolyPerfect CompetitionRMCATCMCATCAVCKD= MR(G.M.H.MRE LMQUANTITYABDQUANTITYThese questions are based on Figure 39.1. Underline the correct answer. Assume that the monopolycan set only one price. Both the monopoly and the perfect competitor seek to maximize profits.1. A monopoly firm will maximize profits at what price?(B) OB(A) OA(C) OC(D) OR2. Economic profits for the monopoly firm are represented by the area of which rectangle?(C) AJHB(A) OCGE(B) OAJE(D) BAJN3. Total costs for the monopoly firm are represented by the area of which rectangle?(A) BKLO(B) CGEO(C) AJEO(D) BHEO4. The total revenue for the monopoly firm is represented by the area of which rectangle?(C) AJHB(A) OCGE(B) OAJE(D) BAJH5. The perfect competitor will maximize profits at what output level?(в) ов(A) OA(C) 0G(D) ODCOSTS/REVENUE (DOLLARS)-------COSTS/REVENUE (DOLLARS)

Marginal cost (MC): - it is the additional cost incurred due to the production of additional units…

A Quick Review of Perfect Competition and Monopoly Figure 39.1 Graphs of Monopoly and Perfect Competition Monopoly Perfect Competition MC ATC MC ATC AVC K G- D- MR MR E LM QUANTITY A B QUANTITY D. These questions are based on Figure 39.1. Underline the correct answer. Assume that the monopoly can set only one price. Both the monopoly and the perfect competitor seek to maximize profits. 1. A monopoly firm will maximize profits at what price? (A) OA (B) OB (C) OC (D) OR 2. Economic profits for the monopoly firm are represented by the area of which rectangle? (C) AJHB (A) OCGE (B) OAJE (D) BAJN 3. Total costs for the monopoly firm are represented by the area of which rectangle? (A) BKLO (B) CGEO (C) AJEO (D) BHEO COSTSREVENUE (DOLLARS) COSTS/REVENUE (DOLLARS)

A Quick Review of Perfect Competition and Monopoly Figure 39.1 Graphs of Monopoly and Perfect Competition Monopoly Perfect Competition MC ATC MC ATC AVC K G- D- MR MR E LM QUANTITY A B QUANTITY D. These questions are based on Figure 39.1. Underline the correct answer. Assume that the monopoly can set only one price. Both the monopoly and the perfect competitor seek to maximize profits. 1. A monopoly firm will maximize profits at what price? (A) OA (B) OB (C) OC (D) OR 2. Economic profits for the monopoly firm are represented by the area of which rectangle? (C) AJHB (A) OCGE (B) OAJE (D) BAJN 3. Total costs for the monopoly firm are represented by the area of which rectangle? (A) BKLO (B) CGEO (C) AJEO (D) BHEO COSTSREVENUE (DOLLARS) COSTS/REVENUE (DOLLARS)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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