Modern capitalism required manufacturers to develop brand names so that consumers could focus their attention on a clearly identified item. this process was labeled _____
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Ee.81.
Modern capitalism required manufacturers to develop brand names so that consumers could focus their attention on a clearly identified item. this process was labeled _____
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- Different between the monopoly market and perfect competition market. Define in a well manner.Help me answer these review questions. Fill in the Blanks For a monopoly, the firm’s demand curve is downward sloping, therefore to maximize its profit, the firm must produce where its marginal cost equals _____________. When marginal product is increasing, the total product is increasing at _______________. If the average product is greater than the marginal product the next average product will _____________.P, MR, AC, MC B A Demand G | JH MC AC MR Quantity a) Identify the quantity of output the monopoly wishes to supply and the price it will charge. b) Suppose demand for the monopoly's product increases dramatically shifting it to the right. Using the new demand curve determine what happens to the marginal revenue as a result of the increase in demand? Assuming that the marginal cost curve stays the same. how will the new profit-maximizing quantity and price change?
- Which of the following is true of a natural monopoly? * It experiences diseconomies of scale. ATC is lower if there is a single firm in the market. It occurs in a market that relies on natural resources for its production. There are decreasing returns to scale in the industry. O The government must provide the good or service to achieve efficiency.A monopolist produces _____________ product ?? what its answer ?Explain Social cost under monopoly?
- Determine the profit maximization point of a firm in a graph showing the dynamics of the Production and Cost Function. Supoose you are given this data of a monopolist. The price of the product is 35 pesos. 1. Compute for the- total cost, Average variable cost, marginal cost, total revenue, marginal revenue.2. Graph the schedule and answer the following question. - did the firm able to maximize its profit? If yes identify at what level (Quantity/output) or highlight the profit maximization point in the graph. If no, cite the reason why the firm was not able to maximize profit. Elaborate you explanation through you analysis on the Dynamics of the cost and output.A monopolist, as opposed to a company in a perfectly competitive market:A monopolist is able to maintain into the long run primarily because a. barriers to entry exist b. of collusive behavior c. of mutual interdependence d. of price taking behavior e. of product differentiation
- The following figure shows the demand curve for Good X in a perfectly competitive market. Later, the government grants one of the firms the exclusive right to manufacture and sell Good X. MR represents the marginal revenue curve of the firm when it operates as a monopoly. The marginal cost of producing Good X is constant at $5. Price/Cost (S) 4 Demand 3 MR 2 1 10 11 12 13 14 15 16 17 18 Quantity (1,000 units) a) What is the quantity supplied when the market is perfectly competitive? What happens to the quantity supplied once the market changes to a monopoly? b) What is the market price when the market is perfectly competitive? What is the market price when the market changes to a monopoly? c) Compare the consumer surplus when the market is perfectly competitive and when the market is a monopoly. Is there any producer surplus or deadweight loss in either case? If yes, then how much?What would be evidence of serious competition between firms in an industry?What would be evidence of serious competition between firms in an industry? Can you identify two highly competitive industries?