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Q: What is meant by diminishing costs and monopoly (imperfect competition)
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- Compare the efficiency of monopoly and perfect competition. Which is more efficient? Explain your reasoning and illustrate with a hypothetical example.The maintenance of a monopoly requires that a firm prevent the entry of potential competitors. Inaddition to acquiring a patent on a product, what strategies might a firm use to prevent entry? Explain and show graph.Draw a graph to represent a natural monopoly and describe the circumstances that would permit natural monopoly to exist. Would it be wise for government to break up natural monopolies? Give some examples of natural monopolies. * b.
- Please have a look at graph in the photo to answer the following questions Notes: MC is marginal cost, MR is marginal revenue, ATC is average total cost, AVC is average variable cost and D is the demand curve.a. By looking of this graph, what can you say about the market power of this firm? Is it a perfect competition or a monopoly? Explain. b. To maximize the profit, how many units should the firm produce? At what price?c. Based on your answer, what is the total revenue? Total costs? Total profit? Total fixed cost?d. Will you operate this firm in the short run? Long run? Briefly explain.If Google is a monopoly, how would breaking up affect the market price and market quantity? How do we test these hypotheses?Some say a monopoly can charge whatever price it wants. This is not true, explain why? What restricts a monopoly? (government regulation is not the answer here).
- I am learning about pure competition in short and long run and pure monopoly in intro to microeconomics. How would a pizzeria in a densely populated area with 20 to 50 competitors thrive in a pure short competition market compared to a pure long competition market? As well as in a pure monopoly market.What is the number of firms in a Perfect Competition and what is the price control of product by individual firms.Suppose a monopoly faces the market demand in the nearby figure. It has constant marginal cost equal to $6. Find the perfectly competitive quantity and price assuming the market is made up of producers each with marginal cost $6. Give a numeric answer for each and show them on the graph. What is the efficient quantity? Give a numeric answer and show it on the graph. Which market structure, monopoly or perfect competition, comes closer to achieving the efficient quantity? Now suppose there is a negative externality associated with producing the good of $5 per unit. Now which market structure, monopoly or perfect competition, comes closer to achieving the efficient quantity? Explain briefly.
- Compared to perfect competition, monopoly: A) Increases output B) Increases price C) Causes Deadweight Loss D) (A), (B), & (C) E) (A) & (B) F) (B) & (C)Question #4: Using the following graph to answer the following questions: 100 MC ATC AVC 1,000 2.000 3,00 4.000 5,000 MC is marginal cost, MR is marginal revenue, ATC is average total cost, AVC is average variable cost and Dis the demand curve. a. By looking at this graph, what can you say about the market power of this firm? Is it a perfect competition or a monopoly? Explain. b. To maximize the profit, how many units should the firm produce? At what price? c. Based on your answer, what is the total revenue? Total costs? Total profit? Total fixed cost? d. Will you operate this firm in the short run? Long run? Briefly explain. e. How do you measure monopoly power? smopi oo pue senunaWhat is Perfect competition? (50 words only)