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- at the Because this market is a monopolistically competitive market, you can tell that it is in long-run equihbrium by the fact that the efficient scale. optimal quantity for each firm. Furthermore, the quantity the firm produces n long-run equilibrium is True or False: This indicates that there is a markup on marginal cost in the market for jackets. OTrue FalseQUESTION 26 Price MC 160 140 ATC 123.33 Demand 90 56.67 MR 100 133.33 154.92 Quantity The figure is drawn for a monopolistically-competitive firm. In response to the situation in this graph, we would expect O a. many new firms to enter this market O b. this firm to gain positive profit in the long run O c. this firm's profit to move from its current value toward zero in the long run O d. All of the above are correctYou are hired as a consultant to a monopolisticallycompetitive firm. The firm reports the followinginformation about its price, marginal cost, andaverage total cost. Can the firm possibly bemaximizing profit? If not, what should it do toincrease profit? If the firm is maximizing profit, is themarket in a long-run equilibrium? If not, what willhappen to restore long-run equilibrium?a. P < MC, P > ATCb. P > MC, P < ATCc. P 5 MC, P > ATCd. P > MC, P 5 ATC
- Marketers spend millions of dollars annually trying to create or reinforce brand loyalty. Brand loyalty changes the demand curve for the firm's products by shifting the market from a monopoly to pure competition. O decreasing the price elasticity of demand. O reducing fixed costs and increasing the gray marketing effect. O increasing the income effect. O making demand more oligopolistic and less monopolistic.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 (Dolars per kit) 100 8 80 70 50 8 10 0 MO 10 ATC 20 30 O True O False MR 60 70 QUANTITY (Thousands of kits) Demand 40 80 90 100 Mon Comp Outcome Min Unit Cost Because this market is monopolistically competitive, you can tell that it is in long-run equilibrium by the fact that firm. Further, a monopolistically competitive firm's average total cost in long-run equilibrium is True or False: This indicates that there is excess capacity in the market for kits. at the optimal quantity for each the minimum average total cost.44. Which of the following does a monopolistic competitive firm engage in to try and increase profits: Select one: O a. Non-pricing competition b. Shadow markets C. Price fixing O d. Collusion 16. A consequence of a Maximum price is: Select one: O a. A new equilibrium established b. Excess supply Oc Over production of goods d. Excess demand
- PRICE (Dollars per engine) 100 90 80 70 60 40 30 & 2 20 10 MO D 0 10 ATC MR Demand 20 30 40 50 60 70 DO 90 QUANTITY (Thousands of engines) 100 Mon Comp 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, a monopolistically competitive firm's average total cost in long-run equilibrium is average total cost. at the the minimum9 of 15 Warwick Inc. produces in a monopolistically compettive market. Which of the following corectly explains howa fmin this market struchure would transition trom the short run to the long run? O The supemomal profits eamed by Warwick Inc in the short run will attract new firma into the market. This wil shit the market supply curve to the right, which will reduce the market price and the price faced by Warwick ine. The price wil keep falling until Average Revenue equals Average Cost and only normal profits are made. O The supermormal profits eamed by Warwick Inc. in the short run will attract new firms into he martet. This wil shit Warwick ine. demand curve to the left and t wit continue to shit left until Average Revenue equals Average Cost and only normal profits are made O The supemomal profits eamed by Wanwick Inc. in the short run will lead to the market demand aurve shifing to the right, which will raise the price fims can sell at and ts wil atract now frms into the market.…Figure 17-2 This figure depicts a situation in a monopolistically competitive market. 100 PRICE 90 80 70 887889 60 50 40 30 20 10 MC MR ATC Demand 10 20 30 40 50 60 70 80 90 100 QUANTITY Refer to Figure 17-2. How much profit will the monopolistically competitive firm earn in this situation? O a. $80 O b. $400 O c. $0 O d. $200
- Assuming you are the managing director of a firm that produces three goods: A, Band C. The price elasticity of demand for A is 1.2, for B it is 1.00 and for C it is 0.75.It is known that he firm is experiencing serious cash flow problems and you have toincrease total revenue as soon as possible. If you were in a position to set the pricesfor these goods, what would be your pricing strategy for each productQUESTION 12 The figure is drawn for a monopolistically competitive firm PRICE 140 123.33 90 Table b 56.67 100 133.33 QUESTION 14 QUANTITY MC MR ATC Demand Refer to Figure. If this firm's decides to produce and sell at the profit maximizing level then what will be their O a. $8,887.78. O b.$5,000.00. OC-$5,000.00. O d. 50. QUESTION 13 A perfectly competitive firm produces where O a marginal cost equals price, while a monopolist produces where marginal cost exceeds price Ob price exceeds marginal cost, while a monopolist produces where marginal cost equals price Oc marginal cost equals price, while a monopolist produces where price exceeds marginal cost O d.marginal cost exceeds price, while a monopolist produces where marginal cost equals price.Figure 15-3 Revenue and cost per unit $30 MC 24 ATC E 22 20.80 20 18 Demand MR 62 83 104 Quantity Figure 15-3 shows the cost and demand curves for a monopolistic competitor Refer to Figure 15-3. The profit-maximizing output and price for the monopolistic competitor are O output = 62; price = $18. O output = 104; price = $20.80. O output = 83; price = $22. O output = 62; price = $24.
