The situation of monopolistic competitionis created byA.Small number of producers of acommodityB. Lack of homogeneity of the productproduced by different firmsC. Imperfection of the market for thatproductD. All of the above

The situation of monopolistic competition is created by A. Small number of producers of a commodity Lack of homogeneity of the product produced by different firms В. C. Imperfection of the market for that product D. All of the above

The situation of monopolistic competition is created by A. Small number of producers of a commodity Lack of homogeneity of the product produced by different firms В. C. Imperfection of the market for that product D. All of the above

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. Under the model of monopolistic competition, a(an) ________ in the number of firms in the industry will cause ________ to ________. 2. In the model of monopolistic competition, if the price is ______ than average costs, then firms are earning __________ economic profit and we should expect firms to _________ the industry. 3. In the model of monopolistic competition, if an industry has large ________ relative to another industry, then we should expect _________ firms to operate in a long-run equilibrium of that industry.
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A monopolistically competitive firm in a long-run equilibrium will likely produce which of the following? A. a technically efficient amount of outputB. less than a technically efficient amount of output and less than an allocatively efficient amount of outputC. more than a technically efficient amount of output but less than an allocatively efficient amount of outputD. an allocatively efficient amount of production.E. less than a technically efficient amount of output and more than an allocatively efficient
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In the model of monopolistic competition, industry, then we should expect industry. fixed costs; more marginal costs; less marginal costs; more fixed costs; less if an industry has large relative to another firms to operate in a long-run equilibrium of that
Markbury is a monopoly selling widgets. If the government imposes a $100 000 tax on every monopolistic firm in the country, then Select one: a. Markbury’s annual profit will no change since its marginal cost is unchanged b. Markbury’s annual profit will fall by $100 000 since its marginal cost would rise by $100 000 c. Markbury’s annual profit will fall by less than $100 000 since its marginal cost would rise by less than $100 000 d. Markbury’s annual profit will fall by $100 000 but its marginal cost will not change e. The impact on Markbury’s profit is difficult ascertain, without more information
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If this is monopolistic competition we know that: Supporting Materials ● Price EQOR 0 MR MC FJL N Quantity ATC Demand There will be no entry or exit as the graph illustrates long run equilibrium There will be exit which will lower demand There will be entry which will lower MR There will be entry which will raise ATC There will be exit which will raise ATC