Compare price, output and profit of equilibrium of a firm under perfect competition and monopoly in long run Explain in details and diagram and labelling
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Compare price, output and profit of equilibrium of a firm under
Explain in details and diagram and labelling
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- Compare and contrast the decision-making processes of a competitive firm versus a monopoly firm. a. The difference between C and M markets in terms of the (homogeneity or uniqueness of product, barriers to enter and number of firms). b. You must point to the difference in the demand curve for a C firm and that for a M firm. c You must refer to the long run profit (or not) of the C as well as M firm. d. You must point to whether C and M firms are efficient or NOT. Graphs are welcome, not manadatory.a) What is the market price? P = $0 b) What is the industry's output? Industry Output: 0 c) What is the output of each firm? Output: 0 d) What is the economic profit of each firm? Round your answer to 2 decimal places. Profit: $0 e) What is the shut down price? Shutdown price: $0 f) What is the long run equilibrium price? You can assume that the above ATC applies to both short run and long run. Conceptually, in the long run the column AVC disappears. Graphically, the amount of output K in both long run and short run is the same. P = $0 g) What is the number of firms in the industry in long run? Round your answers to the nearest whole number. Number of firms: 0Economics Name Date Pd Market Structures SSEMI4 The student will explain the organization and role of business, and analyze the four types of market structures in the U.S. economy. c. Identify the basic characteristics of monopoly, oligopoly, monopolistic competition & pure competition --Use the notes on Verge to fill in the chart Price Setting Power (easy, difficult, (control over price none, a lot, etc.) Market # of firms in industry (many, few, etc.) Differentiated or Ease of Entry Use of Non Price Homogeneous Structure Competition (yes/no) Product/Service etc.) Еxamples Pure or Perfect Competition Monopolistic Competition Oligopoly Geographic- Monopoly Technological- Natural-
- x Question Completion Status The following graph shows the costs and revenues of a typical firm operating in a certain market condition. What type of market this firm is operating under? Is it a perfect competition, or monopoly, or monopolistic competition market? How can you tell? Explain. MC ATC D AVC Save AQUESTION 41 Firms in monopolistic competition can achieve product differentiation by a. setting the price equal to average revenue O b. expanding production levels O c. exploiting economies of scale O d. advertising special characteristicsI am learning about pure competition in short and long run and pure monopoly in intro to microeconomics. How would a pizzeria in a densely populated area with 20 to 50 competitors thrive in a pure short competition market compared to a pure long competition market? As well as in a pure monopoly market.
- Question 17 Compared to perfect competition, in a monopoly market structure price is and quantity is higher, lower higher, higher lower, higher lower, lower O OConsider the diagram below depicting the revenue and cost conditions faced by a monopolistically competitive firm, and then answer the following questions. $40 $35 $30 MC ATC $25 $20 $17.50 $15 $10 $4.40 $5 3.25 MR Demand 1 2 3 4 5 6 7 8 9 10 Quantity Instructions: Round your answers to 2 decimal places. a. What is total revenue for this firm? b. What is total cost for this firm? c. What is this firm's economic profit? d. This firm is most likely in (Click to select) V equilibrium because Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to place a check mark. For incorrect answer(s), click the option twice to empty the box. ? MR = MC. ? the firm is experiencing economic profits. 2 the firm is experiencing normal profits. ? P> MC. ? demand exceeds marginal revenue. ? P= ATC. Price and costs3. The graph below shows a firm's demand, marginal revenue, and marginal cost curves. Find the profit-maximizing level of output and mark it q*. Find the price the firm should charge and mark it P*. P MC X D MR Quantity 4. The Whatsa Widget Company has a monopoly over the sale of widgets in a small midwestern town. The firm's demand, marginal revenue, marginal cost, and average cost curves are shown below. Find the firm's profit-maximizing level of output and the price the firm will charge. Is the firm earning a positive or a negative profit? Show the firm's profit (or loss) on the graph. P MC X MR D ATC
- In long run equilibrium Pls compare output, price, profit of a firm in perfect competition with that of a monopoly in long run Provide diagram and labellingIn long run equilibrium, the pure monopolist can make pure profits because of A. Blocked entry B. The high price he charges C. The low LAC costs D. AdvertisingQuestion #4: Using the following graph to answer the following questions: 100 MC ATC AVC 1,000 2.000 3,00 4.000 5,000 MC is marginal cost, MR is marginal revenue, ATC is average total cost, AVC is average variable cost and Dis the demand curve. a. By looking at this graph, what can you say about the market power of this firm? Is it a perfect competition or a monopoly? Explain. b. To maximize the profit, how many units should the firm produce? At what price? c. Based on your answer, what is the total revenue? Total costs? Total profit? Total fixed cost? d. Will you operate this firm in the short run? Long run? Briefly explain. e. How do you measure monopoly power? smopi oo pue senuna
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