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- (a) Explain why a monopolistically competitive firm’s profit maximization occurs at the output level when marginal revenue for the firm is equal to its marginal cost. Use a graph to prove your point for a monopolistically competitive firm. (b) What can a monopolistically competitive firm do to try to maintain economic profits?Question 16 Which one of the following statements is correct? a) Under monopolistic competition, marginal revenue is lower than average revenue. b) Under monopolistic competition, marginal revenue is equal to average revenue. c) Under monopolistic competition, marginal revenue is greater than average revenue. d) Under oligopoly, marginal revenue is equal to average revenue.3.The role of brand names and advertising PLEASE HELP ME
- 6) Which of the following market types has the fewest number of firms? A) perfect competition C) monopolistic competition B) monopoly D) oligopoly12. An industry comprised of a very large number of sellers for which entry or exit in the industry is easy a. monopolistic competition b. oligopoly c. pure monopoly d. perfect or pure competition12. Which of the following does NOT fall into the degrees of competition continuum? A) Perfect competition B) Monopolistic competition. C) Competitive advantage D) Oligopoly
- Question 16 Which one of the following statements is correct? a) Under monopolistic competition, marginal revenue b) Under monopolistic competition, marginal revenue c) Under monopolistic competition, marginal revenue d) Under oligopoly, marginal revenue is equal to avera11. Which of the following market types has all firms selling products so identical that buyers do not care from which firm they buy? a. monopoly b. monopolistic competition c. perfect competition d. oligopoly28. A town in India has three Milk producing companies. The owners of these milk companies make decisions together about when to raise and lower milk prices. It would be difficult for another milk company to enter this market. Which market structure best describes this market? a. Monopoly b. Oligopoly c. Perfect competition d. Monopolistic competition
- 8) Which of the following market types has only a few competing firms? A) perfect competition B) monopolistic competition C) monopoly D) oligopoly 11. Nori is a firm that sells products in an industry with a very high concentration of sellers. Nori's production decisions must consider its competitors' possible production decisions. In which market must Nori operate? A-Perfect market B-Monopoly market C-Oligopoly market D-Monopsony market E-Monopolistic competition 2. Koel is the single producer of home air conditioners in its rural market. The firm's monthly demand is described by the equation P = 5000 − 5Q, where P is the price and Q is the quantity of units sold. Which of the following must be true of Koel? A-An increase in price decreases the quantity sold. B-It is a natural monopoly. C-A decrease in price decreases the quantity sold. D-Higher levels of output bring in increasingly lower total revenue if demand is elastic. E-Maintaining the current price decreases the quantity sold over time.7) How do Monopolistic Competition and Perfect Competition differ in terms of efficient use of resources, in the long run?