Which of the following is a difference between a monopolistically compettive market and a monopoly in the long run?OA. Firms in a monopolistically competitive market eam zero economic profits in the long run, while a monopolist incurs losses in the long run.B. Firms in a monopolistically competitive market charge a price higher than marginal cast in the long run, while a monopolist charges a price equal to marginal cast in the long runOC. Firms in a monopolistically competitive market car zero economic profits in the long run, while a monopolist usually carns positive economic profits in the long run.OD. Firms in a monopolistically competitive market charge a price lower than merginal cost in the long run, while a monopolist charges a price equal to merginel cost in the long run.

Market structures are essential in economics because they influence the dynamics that govern…

Which of the following is a difference between a monopoisticaly compettive market and a monopoly in the long run OA. Firms in a monopolistically competitive market eam zero economic profits in the long run, while a monopolist incurs losses in the long run ⒸB. Firms in a monpoistically competitive market change a price higher than marginal cost in the long ran, whie a monopolist charges a price equal to marginal rast in the long run OC. Fiams in a monopolistically competitive market cam oto otonomic profits in the long run, whilo a monapolist usually cars positive economic profils in the long run OD. Firms in a monopolistically compettive market charge a price lower than merginal cost in the long run, while a monopolist charges a price equal to merginal cost in the long run

Which of the following is a difference between a monopoisticaly compettive market and a monopoly in the long run OA. Firms in a monopolistically competitive market eam zero economic profits in the long run, while a monopolist incurs losses in the long run ⒸB. Firms in a monpoistically competitive market change a price higher than marginal cost in the long ran, whie a monopolist charges a price equal to marginal rast in the long run OC. Fiams in a monopolistically competitive market cam oto otonomic profits in the long run, whilo a monapolist usually cars positive economic profils in the long run OD. Firms in a monopolistically compettive market charge a price lower than merginal cost in the long run, while a monopolist charges a price equal to merginal cost 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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O Macmillan Learning (Figure: Determining Monopolist Profit) Based on the graph, the profit-maximizing price is at point Price and Cost h Of. O g. d. C MR Output MC ATC
ls 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…
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Study Tools ins ess Tips ss Tips PRICE (Dellars per engine) 288 RSS #RR 100 50 30 20 10 MO 0 0 10 ATC MR Demand 20 30 40 50 70 DO 90 QUANTITY (Thousands of engines) 100 Mon Comp Outcome Min Unt Cost Decause this market is a monopolistically competitive market, you can tell that it is in long-run equilibrum by the fact that optimal quantity. Furthermore, a monopolistically competitive firm's average total cost in long-run equilibrium is average total cost. at the the minimum
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If a monopolist with significant barriers to entry is making positive economic profit in the short run, what do we expect to happen as the market transitions to the long run? O The profit will increase since the monopolist has no competition, they can just raise the price to earn higher profits. O It will decrease as positive economic profit signals new firms to enter the market, increasing the market supply, and lowering the prevailing price. O It will increase, in the long run firms will drop out the market increasing the monopolists dominance in the marketplace. O The profit will stay the same, strong barriers to entry prevent new competition.
9 The total revenue curve for a monopolist will do which of the following? A O Start high, decline, and then rise BO Start low, rise, and then decline Start high, rise, and then decline DO Start low, decline, and then rise
3 Of 16 a. A monopolistic competitor, much like a firm in perfect b. Advertising can play a role as an indirect signal of competition, sells its product at a point product quality to customers. where the price is equal to the marginal cost. true false true O false c. Monopolistically competitive industries are more likely d. In the long run, monopolistic competitors make a to make use of advertising to create products that catch similar amount of profit to monopolists, since, in both on in mainstream popularity than industries in perfect cases, the firm's demand curves are downward sloping, competition. and at the profit maximizing point, the marginal cost is true false equal to the marginal revenue. O true O false e. In the short term, a monopolistic competitor will make a profit if the demand curve is above the average total cost curve at some point. true false