Which of the following are characteristics of a monopoly A. Set their own price B. Many buyers and sellers C. Declining long-run average total cost D. Free entry and exit
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Which of the following are characteristics of a
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- The graph illustrates the demand for haircuts and the costs of producing haircuts Draw a point at the profit-maximizing output and price if this industry is perfectly competitive Label the competitive equilibrium Ec Draw a point at the profit-maximizing output and price if the haircut producer is a single-price monopoly Label the monopoly equilibrium EM How do we redefine the curves in the graph when a perfectly competitive industry is taken over by a single firm? When a perfectly competitive industry is taken over by a single firm, the competitive industry's curve becomes the monopoly's OA. marginal revenue, demand OB. average total cost, supply. curve, 30 25 20- 15- 10- 0.0 Price and cost (dollars per haircut) MR 10 20 40 Quantity (thousands of haircuts) MC ATC DIntranet - Student Home Dashboard My courses My Media d. $800 Chapter 15: Attempt review meskanas.macewan.ca ChatGPT If a social planner were running a monopoly, that planner could achieve an efficient outcome by charging the price that is determined by what graphical point? a. the intersection of the marginal-cost curve and the demand curve b. the intersection of the marginal-cost curve and the marginal-revenue curve * C. the minimum point on the average-variable-cost curve d. the minimum point on the average-total-cost curve used to make the compact battery forIn long run equilibrium, the pure monopolist can make pure profits because of A. Blocked entry B. The high price he charges C. The low LAC costs D. Advertising
- Compared to perfect competition there is a social cost under monopoly do you agree? Explain using illustrationsRon's Hamburger Place is the only restaurant in town, a monopoly Price and cost (dollars per hamburger) 10.00 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0 Price: $ [Select] ATC: $ [Select] 10 Profit: $ [Select] dan da MR MC Alt Text: Ron's Hamburger Place What is the profit maximizing output, price, and economic profit of Ron's Hamburgers, monopoly? Quantity: [Select] hamburgers per hour ATC 20 30 40 50 Quantity (hamburgers per hour) per hamburgerSol-Motors is the only auto manufacturer in West Lidia, a country that prohibits the importation of cars. The graph below shows the demand and the costs for Sol-Motors. Costs and revenues (in thousands) 130 120 110 100 90 80 70 60 50 40 30 20 10 0 Price: $ 15. 45 75 9010512013550165180195 30 60 Quantity per period (in thousands) MC D thousands a. Add the marginal revenue curve to the graph above (starting at zero). Plot only the end points. b. What are Sol-Motors' profit-maximizing output and price? Output: thousands Tools MR K c. Suppose that the government of Lidia imposes a price ceiling of $35,000 per car. What is the firm's profit-maximizing output now? Profit-maximizing output: thousands d. What would be the output if the graph represented a perfectly competitive industry rather than a monopoly? Output: thousands
- Explain the differences/similarities between monopoly and imperfect perfect competition in detail.A firm is a natural monopoly if it exhibits _________as its output increases.a. increasing total revenueb. increasing marginal costc. decreasing marginal revenued. decreasing average total costExplain the various reasons behind emergence of monopoly. Explain in detail. No AI used
- The following table provides information about long-run average cost curve of a firm: Quantity LRAC 100 50 200 43 300 39 400 39 500 44 600 52 a.This cost structure is an example of natural monopoly. b.For the first 300 units of output, this firm has diseconomies of scale. c.For output levels between 300 and 400, the firm has constant returns to scale. d.For output levels greater than 400, the firm has economies of scale. which is the answer?Compare and contrast the decision-making processes of a competitive firm versus a monopoly firm. a. The difference between C and M markets in terms of the (homogeneity or uniqueness of product, barriers to enter and number of firms). b. You must point to the difference in the demand curve for a C firm and that for a M firm. c You must refer to the long run profit (or not) of the C as well as M firm. d. You must point to whether C and M firms are efficient or NOT. Graphs are welcome, not manadatory.A monopoly might form if which of the following conditions of perfect competition were violated? Question 24Answer a. Many consumers b. Fully informed consumers c. Free entry and exit d. Firms produce identical products