Because consumers value product variety, A. no two goods of the same type will have equal prices. B. the inefficiency of monopolistic competition is partially offset. OC. in the long run, monopolistic competition firms make economic profit. O D. monopolistically competitive industries are efficient. E. the demand for goods in monopolistic competition is perfectly elastic. Show Transcribed Text The table provides information about Prue's Personal Trainer Service, a firm that is in monopolistic competition with similar firms that offer slightly differentiated services. What is Prue's profit-maximizing quantity? What is Prue's price? Prue's profit-maximizing quantity is sessions an hour. Prue's price is $a session. What is Prue's markup and does she have excess capacity? and she excess capacity. Prue's markup is OA. $30 per session; has OB. more than $15 an hour, has no C. $15 per session; has no OD. less than $15 an hour, has Demand schedule Quantity (sessions per hour) 0 1 2 3 4 Price (dollars per session) 45 40 35 30 25 Production costs ATC MC (dollars per (dollars per session) session) 12 5 7 27 33 19 15 18

Because consumers value product variety, A. no two goods of the same type will have equal prices. B. the inefficiency of monopolistic competition is partially offset. OC. in the long run, monopolistic competition firms make economic profit. O D. monopolistically competitive industries are efficient. E. the demand for goods in monopolistic competition is perfectly elastic. Show Transcribed Text The table provides information about Prue's Personal Trainer Service, a firm that is in monopolistic competition with similar firms that offer slightly differentiated services. What is Prue's profit-maximizing quantity? What is Prue's price? Prue's profit-maximizing quantity is sessions an hour. Prue's price is $a session. What is Prue's markup and does she have excess capacity? and she excess capacity. Prue's markup is OA. $30 per session; has OB. more than $15 an hour, has no C. $15 per session; has no OD. less than $15 an hour, has Demand schedule Quantity (sessions per hour) 0 1 2 3 4 Price (dollars per session) 45 40 35 30 25 Production costs ATC MC (dollars per (dollars per session) session) 12 5 7 27 33 19 15 18

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. The market structure in which each firm has a monopoly over the product it makes, but many other firms make similar products that compete for the same customers is called? 2. Describe the shape of the monopolistically competitive firm’s demand curve.
2) What types of efficiency does the economic outcome under monopolistic competition lead to? Productive but not allocative efficiency Allocative but not productive efficiency Neither allocative, nor productive efficiency Both allocative and productive efficiency οιο οο
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Answer the given question with a proper explanation and step-by-step solution. Please provide the answer using the math tool otherwise I give the downvote. Correct and incorrect both explain In the long run, the economic profits for a monopolistically competitive firm will be A. slightly more than the profits of a purely competitive firm. B. the same as the profits for a purely competitive firm. C. slightly less than the profits of a monopolist. D. the same as the profits for a monopolist.
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Number 51: A monopolistic firm's demand, MR, MC and ATC curves MC ATC P A A Quantity 1. How much output will this firm produce and what price will it charge if it wants to: maximize its total revenues? -maximize its profits? Multiple Choices for both: A. Q1 and P1 B. Q2 and P2 C. Q3 and P3 2. How much output will this firm produce and what price will it charge if it is mandated by the government to produce at the socially desirable or efficient output level? Q1 and P1 Q2 and P2 Choices: Q3 and P3 | 3. How much is the DWL that arises when this firm produces the profit maximizing output level? 1/2(P1-P2) (01-02) 1/2(P1-P3)(Q1-Q3) choices: 1/2(P1-P3)(01-02)
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9 of 15 Warwick Inc. produces in a monopolistically compettive market. Which of the following corectly explains howa fmin this market struchure would transition trom the short run to the long run? O The supemomal profits eamed by Warwick Inc in the short run will attract new firma into the market. This wil shit the market supply curve to the right, which will reduce the market price and the price faced by Warwick ine. The price wil keep falling until Average Revenue equals Average Cost and only normal profits are made. O The supermormal profits eamed by Warwick Inc. in the short run will attract new firms into he martet. This wil shit Warwick ine. demand curve to the left and t wit continue to shit left until Average Revenue equals Average Cost and only normal profits are made O The supemomal profits eamed by Wanwick Inc. in the short run will lead to the market demand aurve shifing to the right, which will raise the price fims can sell at and ts wil atract now frms into the market.…
please answer letter D only and provide with complete and neat solution thank you