Consider the diagram at the right depicting the revenue and cost conditionsfaced by a monopolistically competitive firm.40-What are the total revenues experienced by this firm? $ 280035-MCWhat are the total costs experienced by this firm? S 2800ATCWhat are the economic profits experienced by this firm? S0.This firm is more likely in long-run equilibrium because22O A. economic profits will stimulate entry (which is a long-run change).O B. normal profits will stimulate entry (which is a long-run change).18MRO C. normal profits will not stimulate entry (which is a long-run change).D15-O D. None of the above are true.10016010-4080120 160 200' 240' 280Quantity (units per day)Revenues and Costs ($ per unit)

In a monopolistic competitive firm there are large number of firms producing similar but not…

sider the diagram at the right depicting the revenue and cost conditions d by a monopolistically competitive firm. at are the total revenues experienced by this firm? S 2800 MC st are the total costs experienced by this firm? 5 2800. st are the economic profits experienced by this firm? 50. ATC firm is more likely in long |run equilibrium because 22 A. economic profits willstimulate entry (which is a long-run change). 20- 18 B. normal profits will stimulate entry (which is a long-run change). C. normal profits will not stmulate entry (which is a long-run change). D. None of the above are true. MR 15 100 160 120 160 200 2z40 280 Quantity (units per day) 10- 40 of (pun Jod ) sus00 pue sanueA

sider the diagram at the right depicting the revenue and cost conditions d by a monopolistically competitive firm. at are the total revenues experienced by this firm? S 2800 MC st are the total costs experienced by this firm? 5 2800. st are the economic profits experienced by this firm? 50. ATC firm is more likely in long |run equilibrium because 22 A. economic profits willstimulate entry (which is a long-run change). 20- 18 B. normal profits will stimulate entry (which is a long-run change). C. normal profits will not stmulate entry (which is a long-run change). D. None of the above are true. MR 15 100 160 120 160 200 2z40 280 Quantity (units per day) 10- 40 of (pun Jod ) sus00 pue sanueA

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter10: Monopolistic Competition And Oligopoly

Section: Chapter Questions

Problem 1.1P

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MN 00 25 Price %24 Question 42 of 60 > For the monopolistically competitive firm in the following figure, the profit-maximizing price is and the quantity is MC ATC 20. 16 Demand MR 40 Quantity O $20: 25 O $16: 25 O $32; 25 O $20; 40 10:55 PM 74 F 12/12/2021 Ins prt sc delete home 12 Oy 114 dn 6d pue 144 91 & backspace wnu lock 5. 7. 4. home 6d T. enter H. pause ↑ shift 2. LE ctrl alt Sut
Consider the following market for Tim's Terrible T-shirts a firm company producing in the monopolistically competitive t-shirt market. $7 $6 $5 $3 $2 $1 0 Question 16 10 20 30 Question 17 MR 40 Quantity MC D 50 60 70 80 At his profit maximizing output, what is the total profit earned by Tim? Should Tim want to maximize his profit in the short-run, how many t-shirts will he produce? ATC Describe what we expect to happen to Tim's terrible t-shirts in the long run. Since Tim is making |Select] to participate in the market. As a result, the demand for Tim's shirts should Select] Please answer all parts of question correctly. will give thumbs up if correct ✓economic profit in the short-run, as he transitions to the long run we would expect [Select | and become (Select]
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$19 16 13 10 0 100 Multiple Choice O MC O O O 160 180 210 Quantity MR Refer to the diagram for a monopolistically competitive firm in short-run equilibrium. If this firm is currently producing and selling 210 units of output, we can conclude that this firm ATC Is maximizing economic profits. D Is earning economic profits that could be increased by raising price and lowering output. Is breaking even, but could earn profits by raising price and lowering output. Is earning economic profits that could be increased by lowering price and raising output.
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