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- Aside from advertising, how can monopolistically competitive films increase demand for their products?If the firms in a monopolistically competitive market are earning economic profits or losses in the short run, would you expect them to continue doing so in the long run? Why?Is a monopolistically competitive firm productively efficient? Is it allocatively efficient? Why or why not?
- Continuing with the scenario in question 1, in the long run, the positive economic profits that the monopolistic competitor earns will attract a response either from existing firms in the industry or film outside. As those films capture the original films profit, what will happen to the original films profit-maximizing price and output levels?ls uccess Tips ■ccess Tips NOUT Actumpto Koup the Highest/3 3. 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. PRICE (Dollars par bat) 80 70 60 20 MO о о 10 20 40 ATC 60 QUANTITY (Thousands of bas) Demand Man Camp 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, the quantity the firm produces in long-run equilibrium is average total cost. at the the quantity at which…cosider this statement:" because price equals longr-un average cost and profits are zero, a monopolistically competitive firm is efficient. "Do you agree ir disagree? explain
- The graph depicts the long run average total cost curve for Judy's Gyros - a fast food firm in a monopolistically competitive market. In a long run equilibrium, Iratc 100 gyros Select one: O a. Judy's output would be less than 100 gyros O b. Judy's output would equal 100 gyros O c. Judy would be charging a price equal to marginal cost O d. Judy's output would be more than 100 gyroses Mailings Review View Help a v v Po E-E-FEAT 也。 Paragraph rrice and cost Jaollars per uni 80 60 40 20 ity: Investigate V D 0 20 40 60 80 100 Quantity (units per week) 27) Refer to Figure 13.2.2. To maximize economic profit, this firm in monopolistic competition charges a price of ? 28) Refer to Figure 13.2.2. To maximize economic profit, this firm in monopolistic competition produces an output of? 29) Refer to Figure 13.2.2. This firm in monopolistic competition A) is incurring an economic loss. B) is in long-run equilibrium. C) is making an economic profit. D) must raise its price to maximize economic profit. E) will make more economic profit in the long run. (DELL) O O J MR MC Normal ATC No Spacing Styles Heading 1c-State and explain briefly 2 differences between a perfectly competitive market and a monopolistic competitive market.
- What is an assumption of the model of monopolistic competition? O Consumers lack adequate information about the prices and qualities of products. O There are significant barriers to entry in the market. O There are only a few firms in the industry. O Nonc of thesc choices.Create a Graph For this assignment; you will produce a marginal cost anatys graph and answer some cuestons. Steps competition, monopolistic compettion, cligopoly, monopoly) 2. Draw a marginal analysis graph. Trso it the market for the prodict vou chosef (Label the axes the margral cost carve (Mc), the marginal reverue curve (MiR), and the profit-maximizing cuantity (apm) You do not need to use reai numbers 3 Answer the reflection questions in complete sentences: What is your proouct and its price? What type of mankel does your product costin? Why is the margnal cost curve the same basic snape no manter the product? At the profit-makimizing quantify is the price of your procues equal to hipher than or lower than marginal Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.TI,e market for peanut butter in , utville is monopolistically competitive and in long-run cquilibriun,.One day, consumer advocate Skippy )if discovers thatall brands of peanut buuer in · utville arc identical.TI,ercalter, the market beromes perfectly compctiti vc and again reaches its long-run equilibriun. Usingan appropriate diagram, explain whether each of thefollowing varmblcs increases, decreases, or stays thesame for a typical firm in the market.a. priceb. quantityc. average total costd. margi.na.l coste. profit
