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- 9 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.…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 minimumReview Question 12-01 O A monopolistically competitive firm gets a massive amount of free advertising when a government agency gives it an award and millions of people mention the award to each other on social media. Which of the following is most likely to happen? Mc Graw Multiple Choice O Demand becomes more elastic and pricing power increases. Demand becomes less elastic and pricing power decreases. Demand becomes less elastic and pricing power increases. Demand becomes more elastic and pricing power decreases. < Prev 10 of 10 MacRook Di Next
- Consider the following market for Tim's Terrible T-shirts a firm company producing in the monopolistically competitive t-shirt market. $7 $6 $5 $3 $2 $1 0 Question 16 10 20 30 Question 17 MR 40 Quantity MC D 50 60 70 80 At his profit maximizing output, what is the total profit earned by Tim? Should Tim want to maximize his profit in the short-run, how many t-shirts will he produce? ATC Describe what we expect to happen to Tim's terrible t-shirts in the long run. Since Tim is making |Select] to participate in the market. As a result, the demand for Tim's shirts should Select] Please answer all parts of question correctly. will give thumbs up if correct ✓economic profit in the short-run, as he transitions to the long run we would expect [Select | and become (Select]do 1 2 1 4 5 6 7 A 9 TC MC TVC AVC ATC PRICE 12 14 5 7 10 14 19 t 32 Complete the above table and indicate the profit maximizing quantity of good to produce for the perfectly competitive firm HASRAHAST Below, graph the Demand, MR, ATC, AVC, and MC curves form the data given above. Be sure to indicate the profit maximizing quantity. Is the quantity the same as indicated above? 36 32 28 Perfect Competition Homework Problem 21 /2 8 TR Quity MR PROFIT GETTING STARTED 10 Getting to Know the Professor Q SearchΣ B. 20 10 50 30 20 PRICE (Dollars per bat) Homework (C (91. 4. 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. 06 Mon Comp Outcome Min Unit CAst 09 40 10 MR Demand pleuwe 09 06 QUANTITY (Thousands of bats) Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that ▼ at the optimal eticall the miair MacBook Pro ACID & 5. R H N command comm
- The market for peanut butter in Nutville ismonopolistically competitive and in long-runequilibrium. One day, consumer advocate Jif Skippydiscovers that all brands of peanut butter in Nutvilleare identical. Thereafter, the market becomes perfectlycompetitive and again reaches its long-run equilibrium.Using an appropriate diagram, explain whether eachof the following variables increases, decreases, or staysthe same for a typical firm in the market.a. priceb. quantityc. average total costd. marginal coste. profitWhat is the difforence between acounting proft and economic prof? OA Economic profit subtracts both expict and implicit oosts trom total revenue, while accourting proft only sutiracts explicit oosts. OR Accourting profe only nuttracta imglicit coeta from total revenue, whie ecoromic proft only suberacte explicit coste OG Economic proft oriy subtracts implict costs from total revenue, while accounting profit only subtracts enplicit costs OD. Accourting proft suberacts boh explict and impict costs from total ravanue, while economic proft only sutracts explicit oosts.MC АТС 20 -MR 16 5 14 22 Firm 30 40 What is the profit-maximizing quantity in the graph?
- TRUE OR FALSE IN LONG RUN EQUILIBIRUM A MONPOLISTIC COMPETITIVE FIRM WILL MOST LIKELY PRODUCE A LEVEL OF PURPUR FOR WHICH ORICE EQUALS AVERAGE TORAL COSTUsing the graph below, calculate the firm's profits at the profit maximizing output 196 182 168 154 140 126 112 98 84 70 56 42 28 14 23 46 69 92 115 138 161 184 207 230 253 276 299 322 Quantity -P -- MR MC AC -10 100 250 PriceChapter 16 Homework PRICE (Thousands of dollars per fire engine) 220 Femi 200 180 160 140 120 100 80 60 40 20 0 0 True 1 False 2 4 56 7 QUANTITY (Fire engines) 3 8 Demand 9 10 increase production from 8 to 9 fire engines because the True or False: If alternatively Femi's HookNLadder were a competitive firm and $80,000 were the market price for an engine, decreasing its price from $80,000 to $40,000 would result in the same change in the production quantity and, thus, total revenue. Revenue Lost Revenue Gained dominates in this scenario.
