Fantastique Bikes is a company that manufactures bikes in a monopolistically competitive market. The following graph shows Fantastiqu curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve. Place the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically c company. Then, use the green rectangle (triangle symbols) to shade the area representing the company's profit or loss. (? 500 450 Monopolistically Competitive Outcome 400 350 300 Profit or Loss 250 ATC 200 150 100 50 MO MR Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Bikes) negative, positive, zero Given the profit-maximizing choice of output and price, the shop is earning profit, which means there are fewer, more, no shops in the industry than in long-run equilibrium. more no fewer Now consider the long run in which bike manufacturers are free to enter and exit the market. PRICE (Dollars per bike)

Fantastique Bikes is a company that manufactures bikes in a monopolistically competitive market. The following graph shows Fantastiqu curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve. Place the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically c company. Then, use the green rectangle (triangle symbols) to shade the area representing the company's profit or loss. (? 500 450 Monopolistically Competitive Outcome 400 350 300 Profit or Loss 250 ATC 200 150 100 50 MO MR Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Bikes) negative, positive, zero Given the profit-maximizing choice of output and price, the shop is earning profit, which means there are fewer, more, no shops in the industry than in long-run equilibrium. more no fewer Now consider the long run in which bike manufacturers are free to enter and exit the market. PRICE (Dollars per bike)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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