QUESTION 1 McDonald's developed a vegetariar O A. Market Penetration. O B. Product Development. OC. Global Marketing. O D. Market Diversification. O E. Market Development.
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- Which of the following statements is correct concerning a typical firm operating under conditions of monopolistic competition in the long run? Select one: O O O O a. It operates on the rising portion of its average cost curve because of excess capacity. b. Excess capacity is lowered as demand becomes less elastic. c. The greater the product differentiation the lower will be the amount of excess capacity. d. None of the choices are correct. If the marginal product is declining, which of the following statement is correct? Select one: a. Marginal cost must be falling. b. Average total cost must be falling c. Average product must be falling. d. Average product could be rising or falling.F22All of the following are true regarding the marketing except: O a. Marketing is involved whenever individuals or organizations have a choice to make O b. Any individual inside of an organization who can potentially win or lose customers is in marketing O c. Only those who work in the traditional marketing department are charged with performing marketing activities O d. Any set of activities attempting to influence consumer choice is marketing
- QUESTION 5 Which firm makes zero economic profit in the long run? O a. Only a perfectly competitive firm. O b. Only a monopolist firm. OC. A perfectly competitive and a monopolistically competitive firm. O d. All the firms such as a perfectly competitive, a monopolist, and a monopolistically competitive firm. QUESTION 6 In a perfectly competitive market if the number of units sold increases but the price per unit stays the same then the O a. total revenue will increase. O b. total revenue will decrease. O c. total revenue will stay the same. O d. total revenue can go either way depending on the demand.4F5
- Price and cost (dollars per ride) The graph shows the market for the two zipline firms that operate in a resort city. If the firms decide to compete, then together they will produce rides at a price of per ride. 60 O A. 400: $30 MC O B. 400; $50 50 O C. between 200 and 400: between $30 and $50 40 O D. 200: $30 O E. 200; $50 30 20 'D 10 MR 100 200 300 400 500 Quantity (number of rides)mj Subject-EconomicsBecause consumers value product variety, OA. no two goods of the same type will have equal prices. B. the inefficiency of monopolistic competition is partially offset. OC. in the long run, monopolistic competition firms make economic profit. O D. monopolistically competitive industries are efficient. E. the demand for goods in monopolistic competition is perfectly elastic. Show Transcribed Text The table provides information about Prue's Personal Trainer Service, a firm that is in monopolistic competition with similar firms that offer slightly differentiated services. What is Prue's profit-maximizing quantity? What is Prue's price? Prue's profit-maximizing quantity is Prue's price is $ a session. sessions an hour. What is Prue's markup and does she have excess capacity? Prue's markup is and she excess capacity. OA. $30 per session, has OB. more than $15 an hour; has no OC. $15 per session; has no OD. less than $15 an hour, has Demand schedule Quantity (sessions per hour) 0 1 2 3 4…
- Submit All stion 17 of 30 Which statement best explains why consumers might benefit more from monopolistic competition than perfect competition? O The demand curve for a monopolistically competitive firm follows the law of demand, but the demand curve for a perfectly competitive firm does not. O Monopolistic competitors will use fewer resources per unit of output than perfect competitors, so overall output will be maximized. O The benefits of having more variety offsets the losses from productive and allocative inefficiencies. The balance between marginal cost and price in monopolistic competition ensures that the optimal level of output will be produced. 8: 46°F > 节 aΣ B. 20 10 50 30 20 PRICE (Dollars per bat) Homework (C (91. 4. Is monopolistic competition efficient? Suppose that a firm produces baseball bats in a monopolistically competitive market. The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve. Place a black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost. 06 Mon Comp Outcome Min Unit CAst 09 40 10 MR Demand pleuwe 09 06 QUANTITY (Thousands of bats) Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that ▼ at the optimal eticall the miair MacBook Pro ACID & 5. R H N command commContinuing with the scenario in question 1, in the long run, the positive economic profits that the monopolistic competitor earns will attract a response either from existing firms in the industry or film outside. As those films capture the original films profit, what will happen to the original films profit-maximizing price and output levels?