Use the following graph to answer questions 20-22 20. The type of competition BEST described by the graph above is:: * P A B A. monopolistic OB. perfect OC. imperfect OD. oligopoly MC ATC Q 21. A firm operating with this type of competition will produce at: * OA. point A OB. point B OC. point C OD. The firm will produce at any of these points. 22. A firm operating under these conditions will experience: * OA. High barriers to entry OB. Low barriers to entry OC. Perfect information OD. Both B and C

Use the following graph to answer questions 20-22 20. The type of competition BEST described by the graph above is:: * P A B A. monopolistic OB. perfect OC. imperfect OD. oligopoly MC ATC Q 21. A firm operating with this type of competition will produce at: * OA. point A OB. point B OC. point C OD. The firm will produce at any of these points. 22. A firm operating under these conditions will experience: * OA. High barriers to entry OB. Low barriers to entry OC. Perfect information OD. Both B and C

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Why are oligopolistic firms not allocatively efficient? A. They face a downward-sloping demand curve. B. They produce below the point where average total costs are lowest C. They produce at a point where there's deadweight loss. OD. They are able to earn positive economic profits. ← PREVIOUS ubmission SUBMIT VIEW
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Macmillan Learning Increasing Returns to Scale and Monopolistic Competition Starting from the long-run trade equilibrium in the monopolistic competition model, as illustrated in the accompanying figure, consider what happens when industry demand D increases. For instance, suppose that this is the market for cars, and lower gasoline prices generate higher demand D. a. Show the resulting shift in the D/NT, d, and mr curves. Assume the price increases to $13. Place point A on the new short-run equilibrium. Price 09876 20 19 18 17 16 15 11 10 9 8 7 6 5 4 3 2 1 0 mr D/NT d A • AC MC 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Quantity
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Explain the following. A. Economies of Scale B. Oligopoly
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1. If Sam and Jack each produce the same quantity of appointments as would be produced in perfect competition, the total quantity of appointments is ___ the price per lesson would be ____ , and the economic profit of Sam and Jack would be____? 2. If Sam and Jack form a cartel and produce the same quantity of appointments as would be produced in a monopoly, the total quantity of appointments would be ____, the price per appointment is ____ and the economic profit of Sam and Jack is ____? 3. Would Sam and Jack have an incentive to break the cartel agreement and lower their price to increase the number of tennis lesson appointments?