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- A monopolistic competitor that practices price discriminationhow markup pricing can be helpful to managers to make the firm earn the maximum amount of profit possible.draw a profit-maximizing monopolistically competitive firm earning zero economic profits. then show what happens if 100 more firms were added to this industry.
- Businesses may follow a strategy of product differentiation under monopolistic competition.Your friend Stan owns a coffee shop in a monopolistically competitive industry. One day, Stan tells you (an economist) that he is earning an economic profit and is setting his price equal to his marginal cost. Is Stan producing the profit-maximizing amount of coffee? What should he do?How does a monopolistic competitor choose its profit-maximizing quantity of output and price?
- Branding involves creating and communicating a unique image and theme for a product in the consumers' mind. Does successful branding increase Market Power?Imagine a scenario in which the fashion industry is suffering from monopolistic price gouging and a dwindling demandYou are hired as a consultant to a monopolistically competitive firm. The firm reports the following information about its price, marginal cost, and average total cost: P>MC, P<ATCP>MC, P<ATC Which of the following statements are true about this firm and the market? Check all that apply. Some firms will exit the market. This firm is in long-run equilibrium. This firm is possibly maximizing profit.