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- How might advertising make markets less competitive? How might it make markets more competitive? Give the arguments for and against brand names. What are the three reasons that a market might have a monopoly? Give two examples of monopolies, and explain the reason for each. List the three key attributes of monopolistic competition. What kind of agreements is illegal for businesses to make? What is meant by competitive firm? what is meant Perfect competition? what is market structure? What is economics?Why is there a price markup over marginal cost in monopolistic competition? a downward-sloping demand curve, price exceeds marginal cost The graph shows the demand curve and marginal revenue curve of Whitewater, Inc., a producer of rubber rafts in monopolistic competition. Draw the marginal cost curve if the firm produces 150 rafts a week. Label it. Draw a point at the intersection of the MC and MR curves. Draw a point to show the price that Whitewater charges for a raft when it produces 150 rafts a week. Draw an arrow to show the amount of Whitewater's markup. What is Whitewater's markup? Whitewater's markup is $750 a raft. 750- 675- 600- 525- 450- 375- 300- 225- 150- 75- 0 Price and cost (dollars per raft) 50 100 150 Quantity (rafts per week) D MR 200 >>> Draw only the objects specified in the question. 21Describe in words at which price and quantity firms in monopolistic competition maximize profits or minimize losses? Why is it unlikely that firms in monopolistic competition make above-normal profits in the long run?
- What makes a monopolistic competitive firm different from that of a monopoly? From an economic perspective which is better and why. From an consumer perspective which is better and why?A pure monopolistic firm knows the following about its costs and revenue. The firm would like to maximize profit and has hired consultant for advice. Price Q of Output Total Revenue Total Cost Total Fixed Cost 13 700 TR? TC? 3,100 Average Total Cost Average Variable Cost MC MR 26 AVC? : Total Cost Number Total Revenue Number Average Variable Cost Number What is the value of the profit or loss (-) at the current output ( include the - sign if it's a loss) Number Consultant's Advice: As a consultant, what advice would you give to this firm:(Choose ONE answer from the following) 1. Firm is profit maximizing/loss minimizing 2. Firm should reduce quantity of output 3. Firm should increase quantity of output 4. Firm should shutdown operations 5. The given number set is inconsistent NumberExplain monopolistic competition. How is it similar to perfect competition? How does it differ from perfect competition?
- explain the relationship between the market price and a monopolistically competitive firm’s marginal revenue, be able to find the profit-maximizing output and priceAnswer the question: Aside from advertising, how can monopolistically competitive firms increase demand for their products? What effect would doing this have on the elasticity of the firm’s perceived demand curve? Explain your answers.If the price is greater than Actual total cost, does the monopolistic firm makes a profit, loss, or break-even?
- In the long run,the selling price of a monopolistically competitive firm's product is equal to the minimum per-unit cost of production.Do you agree with this statement? If not,then why not?Determine long run equilibrium in a monopolistic competition.What are the differences between the two market structures of monopolistic competition and monopoly? Why is the name "monopolistic competition" used to describe a category of market structure that is different from monopoly? Isn't that name confusing?
