Use the chart to match the number of firms witht the correct market structure. Market Structure Monopoly Oligopoly Monopolistic Competition Pure Competition Many Few 11 [11 U [1] 0 0 U J One 0 0
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- Does an oligopolistic firm have a supply curve? WHY or WHY NOT? Explain with graph10:43 A docs.google.com Your answer Syukri, Iqmal and Amir run the only shop in Wang Ulu. They sell electrical goods such as televisions, washing machines, etc. However, their objectives are different from each other. Syukri wants to make as much profit as he can, Iqmal wants to sell as many goods as he can without losing money, and Amir wants to earn as much revenue as he can. The graph below illustrates their respective profits. (Note: The length of each square on the Y-axis represents RM100, and the length of each square on the X-axis represents 100 units.) What is the quantity for Syukri? Revenue, Cost MC AC Quantity 100 200 300ls uccess Tips ■ccess Tips NOUT Actumpto Koup the Highest/3 3. 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. PRICE (Dollars par bat) 80 70 60 20 MO о о 10 20 40 ATC 60 QUANTITY (Thousands of bas) Demand Man Camp Outcome Min Unit Cost Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that optimal quantity. Furthermore, the quantity the firm produces in long-run equilibrium is average total cost. at the the quantity at which…
- OA OB OC Alpha's Price Policy OD. High Low A с Beta's Price Policy High Low $20 $30 $20 $10 B D $10 The diagram above shows potential outcomes for two oligopolistic competitors. Beta's profits are shown in the upper right corner of each box and Alpha's profits in the lower left corner. If Alpha and Beta engage in collusion (and do not cheat), where will they end up? $15 $30 $15What are the main characteristics of oligopoly? How does output and price compare to that of perfect competition? What are the main characteristics of oligopoly? How does output and price compare to that of perfect competition? View keyboard shortcuts EditViewInsertFormatToolsTable 12pt ParagraphWhat type of demand curve do we see with oligopolistic markets? Draw an example
- Suppose the carwash market is monopolistically competitive and that businesses in this market are currently earning positive economic profits. In the long run, the demand for an individual car wash business will the market , which will cause economic profits to as more carwash businesses enter Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a fall; rise fall; fall to zero rise; fall to zero d rise; riseestion 5 оT 16 Westchesser Gloves is a monopolistically competitive firm that sells leather gloves. Use the graph to highlight the area of profit or loss and answer the questions. 10 Average cost Profit or loss Marginal cost 8 7 4 3 Demand 1 Marginal revenue 10 20 30 40 50 60 70 80 90 100 Pairs of gloves (in thousands) Price per pair ($)Aside from advertising, how can monopolistically competitive films increase demand for their products?
- If the firms in a monopolistically competitive market are earning economic profits or losses in the short run, would you expect them to continue doing so in the long run? Why?Please explain in your own words the following concepts of Monopolistic competetion model: 1. number of firms 2. Long Run equilibrium 3. closing/opening to trade 4. average costs and price Also please help me understand whe you would use this model vs any other ones.Toyota Motor Corporation operates in a oligopolistic market. How should firms reacte to a recession when selling products in a oligopolistic market? What strategies and/or implications for the firm and/or the market can be identified?