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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Question Help O How might a monopolistically competitive firm continually earn economic profit greater than zero? To earn economic profit greater than zero, a monopolistically competitive firm must A. eliminate excess capacity by producing at minimum average cost. B. differentiate its product and produce at lower average cost than competitors. c. block entry of new firms with government-enforced trademarks. D. rely on chance events. E. be the first firm to enter a market to obtain first-mover advantages.
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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 two curves in a monopolistically competitive market in the long run will be equal to each other due to firm entry and exit? a. marginal revenue curve and its total cost curve. b. marginal revenue curve and its average total cost curve. c. demand curve and its total cost curve. d. demand curve and its average total cost curve.