Compared to a perfectly competitive firm, a monopolist: Q a. charges a higher price. Cb. produces lower output. c. fails to achieve an efficient allocation of resources. d. all of the above.
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- hey how are you a)Draw the cost curves for a typical firm. Explain how a competitive firm chooses the level of output that maximizes profit. At that level of output, show on your graph the firm’s total revenue and total cost. b)Draw the demand curve, marginal revenue curve, average total cost curve, and marginal-cost curve for a monopolist. Show the profit-maximizing level of output, the profit-maximizing price, and the amount of profit. c)Why the demand curve for a firm operating in monopolistic competition is more elastic compared to the firm operating as a monopoly.With the aid of a diagram explain how a monopolist determines how much output to produce and what price to charge. AND Explain how the perfectly competitive firm decides whether to operate or shut down in the short run.Different between the monopoly market and perfect competition market. Define in a well manner.
- A perfectly competitive firm is expected to make a $0 economic profit in the long-run. What type(s) of profit would you expect a monopolist to earn in the long-run? Why the difference? Use the editor to format your answerA monopolist is able to maintain into the long run primarily because a. barriers to entry exist b. of collusive behavior c. of mutual interdependence d. of price taking behavior e. of product differentiationMonopolistically competitive firms are most likely to have profits:A. That are higher than competitive firms’ profit in the long run.B. Higher in the long run than in the short run.C. Zero in the long runD. Equal to the profit of a monopolist.
- a. The perfectly competitive firm exhibits resource allocative efficiency (P = MC), but the single-price monopolist does not. What is the reason for this difference?b. Explain three reasons why monopolies arise. c. Why is the marginal revenue of a perfectly competitive firm equal to the market price? d. Would a perfectly competitive firm produce if price were less than theminimum level of average variable cost? Why?A perfectly competitive firm is onsidered to be more generous in terms of price and quantity of output in comparison to firm belonged to monopoly and monopolistic markets. C. If firms incurring loss in this market begin to exit the market, what will happen to the market equilibrium? Demonstrate your answer using a simplified graph. d. The firm wishes to supply output more than the quantity determined under the equilibrium condition, is it worth to pursue?In the short run, a monopolist will shut down if it is producing a level of output where marginal revenue is equal to short run marginal cost and price is: A. Greater than average total costB. Less than average total costC. Greater than average variable cost D. Less than average variable cost
- In the diagram below, when the competitive market is taken over by the monopolist, the monopolist is able to enjoy producer surplus in terms of the area(s)_ Dalam rajah di bawah, apabila pasaran kompetitif diambil alih oleh monopoli, monopoli dapat menikmati lebihan pengeluar sebanyak kawasan Price / Harga (P) D C B A C. E BCEH F d. BCEF Lin G QM H Qc SS = MC* MRM a. BCEH minus GFH / BCEH tolak GFH DD = P b. BCEF minus GFH / BCEF tolak GFH Output (Q)A monopolist that operates the first-degree price discrimination (Select all that applies; there may be more than one answer) a. charges each consumer the maximum price the consumer is willing to pay. b. creates deadweight loss, like any other monopoly. c. drives the consumer surplus to zero. d. produces the perfectly competitive level of output. e. earns zero profit.a. Draw the cost curves for a typical firm. Explain how a competitive firm chooses the level of output that maximizes profit. At that level of output, show on your graph the firm’s total revenue and total cost. b. Draw the demand curve, marginal revenue curve, average total cost curve, and marginal-cost curve for a monopolist. Show the profit-maximizing level of output, the profit-maximizing price, and the amount of profit. c. Why the demand curve for a firm operating in monopolistic competition is more elastic compared to the firm operating as a monopoly. Kindly answer all the sub parts.
