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- Illustrate a monopolistic market using a supply and demand diagram. Show on your graph what price and quantity prevail in this market. a. Show on your graph what price and quantity would have prevailed under perfect competition.For a monopolistically competitive firm, it’s demand curve is ___, and it’s marginal revenue curve is ___.3. How does a monopolistic competitor choose its profit-maximizing quantity of output and price?
- The graph shows the cost curves, demand curve, and marginal revenue curve of a firm in monopolistic competition. If this firm is maximizing profits, the firm's markup is $ S ALECK 120- 100- 80- 60- 40- 20- 0 Price and cost (dollars per pair) 25 MR ATC D 50 100 125 150 175 200 225 Quantity (pairs of shoes per week) 75 100 12A monopolistically competitive firm maximizes profits when it اختر احد الخيارات a. produces the quantity at which marginal cost equals marginal revenue and sets the price equal to the marginal cost b. produces the quantity at which marginal cost equals marginal revenue and uses the demand curve to determine the market price o .c. produces the quantity at which marginal cost equals the market price d. produces the quantity at which marginal cost equals marginal revenue and sets the price equal to the marginal revenuePrice, Cost MR MC ATC D Quantity
- What does monopolistic competition have in common with monopoly. Do monopolist need advertisement like the firms in monopolistic competition required. Discuss briefly why or why not ?What is monopolistic competition? Give a real-life example which follows the pattern very closely.Price GF EQCBA M OT,L OH, U OH, G MC HIJK Quantity MR ATC AVC Consider the monopolistically competitive firm described in the figure above. The profit maximizing quantity and price are: OH, D OH, S Demand