Having trouble with the graphs, I have some filled in but do not know if they are correct. fewersellers in the industry relative to the long-run equilibrium amount.Now consider the long run in which scooter manufacturers are free to enter and exit the market.PRICE (Dollars per scooter)Show the possible effect of this free entry and exit by shifting the demand curve for a typical individual producer of scooters on the following graph.QUANTITY (Scooters)DPrice is above marginal cost.1Firms are not price takers.D2Price equals average total cost in the long run.Firms can earn positive profit in the long run.Which of the following statements are true for both monopolistically competitive markets and monopoly markets? Check all that apply.Demand? 3. How short-run profit or losses induce entry or exitCitrus Scooters is a company that manufactures electric scooters in a monopolistically competitive market. The following graph shows the demandcurve, marginal revenue curve (MR), marginal cost curve (MC), and average total cost curve (ATC) for Citrus.Place the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competitivecompany. Then, use the green rectangle (triangle symbols) to shade the area representing the company's profit or loss.PRICE (Dollars per scooter)5004504003503002502001501005000MC50 100fewerMRATCDemand150 200 250 300 350 400 450 500QUANTITY (Scooters)Monopolistically Competitive OutcomeProfit or LossGiven the profit-maximizing choice of output and price, Citrus Scooters is earning positivesellers in the industry relative to the long-run equilibrium amount.profit, which means there are

Monopolistic competition is a type of market structure that combines elements of both monopoly and…

fewer sellers in the industry relative to the long-run equilibrium amount. Now consider the long run in which scooter manufacturers are free to enter and exit the market. Show the possible effect of this free entry and exit by shifting the demand curve for a typical individual producer of scooters on the following graph.

fewer sellers in the industry relative to the long-run equilibrium amount. Now consider the long run in which scooter manufacturers are free to enter and exit the market. Show the possible effect of this free entry and exit by shifting the demand curve for a typical individual producer of scooters on the following graph.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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