Because this market is monopolistically competitive, you can tell that it is in long-run equilibrium by the fact thatfirm. Further, the quantity the firm produces in long-run equilibrium isthe efficient scale.True or False: This indicates that there is a markup on marginal cost in the market for jackets.TrueO Falseat the optimal quantity for eachMonopolistically competitive markets may be socially inefficient due to the presence of too many or too few firms. The presence of theexternality implies that there is too much entry of new firms in the market. Suppose that a company operates in the monopolistically competitive market for denim jackets. 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.?100PRICE (Dollars per jacket)8206050XATC20MCMR2 2 2 2100030 40 50 60 70QUANTITY (Thousands of jackets)10 2080Demand90 100Mon Comp OutcomeMin Unit Cost

A monopolistically competitive market is a type of market structure where there are many firms…

Because this market is monopolistically competitive, you can tell that it is in long-run equilibrium by the fact that firm. Further, the quantity the firm produces in long-run equilibrium is the efficient scale. True or False: This indicates that there is a markup on marginal cost in the market for jackets. True O False at the optimal quantity for each Monopolistically competitive markets may be socially inefficient due to the presence of too many or too few firms. The presence of the externality implies that there is too much entry of new firms in the market.

Because this market is monopolistically competitive, you can tell that it is in long-run equilibrium by the fact that firm. Further, the quantity the firm produces in long-run equilibrium is the efficient scale. True or False: This indicates that there is a markup on marginal cost in the market for jackets. True O False at the optimal quantity for each Monopolistically competitive markets may be socially inefficient due to the presence of too many or too few firms. The presence of the externality implies that there is too much entry of new firms in the market.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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