What is the difference between a monopolistically competitive industry and a monopoly? Multiple Choice A monopolistic competitor faces a downward-sloping demand curve for its output, while a monopoly faces a perfectly elastic demand for its output. The demand curve for a monopolistic competitor's output is the industry's demand curve. A monopolistic competitor maximizes its economic profits by producing the amount of output for which its marginal revenue equals it marginal cost, while a monopolist maximizes economic profit by producing the amount of output for which marginal cost equals its average total cost. A monopolist can make positive economic profits in the long run, while a monopolistic competitor will earn zero economic profits in the long run.

What is the difference between a monopolistically competitive industry and a monopoly? Multiple Choice A monopolistic competitor faces a downward-sloping demand curve for its output, while a monopoly faces a perfectly elastic demand for its output. The demand curve for a monopolistic competitor's output is the industry's demand curve. A monopolistic competitor maximizes its economic profits by producing the amount of output for which its marginal revenue equals it marginal cost, while a monopolist maximizes economic profit by producing the amount of output for which marginal cost equals its average total cost. A monopolist can make positive economic profits in the long run, while a monopolistic competitor will earn zero economic profits in the long run.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed in the attached table. If the tenants have the right to be free of loud music enforced through a property rule, how many bands will play in Rock‐n‐Roll Bar on a Saturday night? A. Zero B. One C. Two D. Three E. It depends on transaction costs
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There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed below. Assume the bar owner has the right to hire as many bands as she likes. Iftransaction costs were $90, split between the bar owner and the tenants, how manybands would play? What would social welfare be? A. Three bands would play and social welfare would be ‐100.B. Two bands would play and social welfare would be 75.C. Two bands would play and social welfare would be ‐15.D. No bands would play and social welfare would be 0.E. Three bands would play and social welfare would be ‐190
There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed below. If the tenants have the right to be free of loud music enforced through aproperty rule, how many bands will play in Rock‐n‐Roll Bar on a Saturday night? A. ZeroB. OneC. TwoD. ThreeE. It depends on transaction costs
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Output TFC 0 $500 2 500 4 CO 00 6 8 10 500 500 500 500 TVC $0 200 340 590 1000 1650 TC $500 700 840 1090 1500 2150
e. 0 10 20 11 12 13 14 15 16 17 18 19 20 $160,000 ▼ $160,000 V
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Explane the stages a bill must go throught to become an Act of Parliament and the main advantanges of the parliamentary law making process in UK .