Which of the following are characteristics of monopolistic competition in the long A. blocked entry into the market □ B. zero economic profit OC. full efficiency □ D. lower production than competitive markets run
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- a. b. C. d. Price panel a panel b panel c panel di Price (a) (c) MA MC MR ATC Quantity MC ATC D Quantity Price Price (b) MR (d) MC Quantity MC مما ATC Refer to Figure 3. Assume a monopolistic competitive environment: From the 4 graphs depicted, which one of them represents a short-run equilibrium that encourages the entry of other firms? ATC Quantity DIn monopolistic competition, a firm has some ability to affect the price for its product because of Select one a. economic profits. b.easy entry and exit. C. many competitors product differentlation.A. What is monopolistic Output B. What is Monopolistic price C. What is total revenue
- The major difference between monopolistic competition and monopoly is a. how the quantity of output is determined. b. only a monopoly can earn an abnormal profit in the long run. c. monopoly is a price taker, and a firm in monopolistic competition is a price maker d. only firms in monopolistic competition are protected by barriers to entryWhich of the markets is the best example of monopolistic competition? the market for sugar snap peas the market for cola the fast food industry O your town's utilities distrubutor(s) of electricity and water 46°FII. The figure is drawn for a monopolistically competitive firm. PRICE 140 123.33 90 56.67 100 133.33 QUANTITY MC ATC Demand MR Refer to the figure above and explain: A). In order to maximize its profit, how many units the firm will choose to produce? 100 B). When the firm is maximizing its profit, the markup over marginal cost amounts to 50 C). The firm's maximum profit is D). Efficient scale is reached beyond which level of units? 133.33
- What does monopolistic competition have in common with monopoly? a.barriers to entry b.the ability to collude with respect to price c.a downward-sloping demand curve d.a large number of firms which one is the answer?Which of the following statements is true about the difference between monopoly and monopolistic competition? a.Monopolies always earn positive profits b.Monopolistically competitive firms have no barriers to entry or exit c.There is no different between monopoly and monopolistic competition d.Monopolistically competitive firms never earn positive profitsThe situation of monopolistic competition is created by A. Small number of producers of a commodity B. Lack of homogeneity of the product produced by different firms C. Imperfection of the market for that product D. All of the above
- Looking at the demand curve below, what market type does its curve suggest? Select the correct answer below. O monopoly perfect competition Price monopolistic competition all markets Quantity 27 FEEDBACK MORE INSTRUCTION SUBMITI need help with number 1 because I have no clue which one is correct. I need some sort of explanation 1. Which of the following is true of the model of monopolistic competition? a. Barriers to entry enable firms to enjoy positive profits in the long run. b. The number of firms declines over time as a result of economies of scale. c. The monopolistically competitive firms enjoy a greater market power than a monopolist. d. Firms tend to locate near each other in order to minimize total travel costs for consumers. e. The firms end up charging same prices for their individual products. 2. Which of the following is an example of price competition? a. Nike signs LeBron James to a $90 million contract for endorsements. b. Kellogg's puts the images of Snap, Crackle, and Pop on boxes of Cocoa Krispies, linking the cereal with Rice Krispies. c. McDonald's introduces new garden McSalads. d.…Assume a monopolistically competitive firm encounters a decrease in average variable cost at all output levels.We would expect: a. The price to rise and output to rise b. The price to fall and output to fall c. The price to rise and output to fall d. The price to fall and output to rise