37.Refer to the above diagram for a monopolistically competitive firm in short-run equilibrium. This firm willrealize an economic:A)loss of $320.B)loss of $280.C)profit of $480.D)profit of $600.E)profit of $360.Answer: C Show Type: GTopic: 3E: 464MI: 22038.Refer to the above diagram for a monopolistically competitive firm in short-run equilibrium. Assume thefirm is part of an increasing-cost industry. In the long run firms will: Get answer to your question and much more McConnell/Brue: Economics, 16/ePage 779 We have textbook solutions for you! The document you are viewing contains questions related to this textbook. Expert Verified Type: ATopic: 3E: 464MI: 22039.In the short run a monopolistically competitive firm's economic profit: Get answer to your question and much more Use the following to answer questions 40-42:Type: GTopic: 3E: 463MI: 219Status: New40.In short-run equilibrium, the monopolistically competitive firm shown above will set its price: Get answer to your question and much more Type: GTopic: 3E: 463-464MI: 219-22041.The monopolistically competitive firm shown in the above figure:A)is in long-run equilibrium.B)might realize an economic profit or a loss, depending on its choice of output level.C)cannot operate profitably, at least in the short run.D)can realize an economic profit.Answer: C Type: GTopic: 3E: 464MI: 220Status: New42.If all monopolistically competitive firms in the industry have profit circumstances similar to the firm shownabove: Get answer to your question and much more Chapter 25: Monopolistic Competition and OligopolyUse the following to answer questions 43-45:Type: GTopic: 3E: 463MI: 219Status: New43.In short-run equilibrium, the monopolistically competitive firm shown in the above figure will set its price: Get answer to your question and much more Type: GTopic: 3E: 463-464MI: 219-22044.The monopolistically competitive firm shown in the above figure: Get answer to your question and much more Type: GTopic: 3E: 464MI: 220Status: New Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 48 pages? Upload your study docs or become a Course Hero member to access this document Monopolistic competition means many firms producing differentiated products Under monopolistic competition entry to the industry is: more difficult then under pure competition but not nearly as difficult as under pure monopoly. Nonprice competition refers to: advertising, product promotion, and changes in the real or perceived characteristics of a product. The monopolistic competition model assumes that: firms will engage in nonprice competition. The demand curve of a monopolistically competitive producer is: more elastic than that of a pure monopolist, but less elastic than that of a pure competitor. Excess capacity refers to the: amount by which actual production falls short of the minimum ATC output. Refer to the above diagram for a monopolistically competitive firm in short-run equilibrium. This firm's profit-maximizing price will be: Refer to the above diagram for a monopolistically competitive firm in short-run equilibrium. The profit-maximizing output for this firm will be: Refer to the above diagram for a monopolistically competitive firm in short-run equilibrium. This firm will realize an economic: Refer to the above diagrams, which pertain to monopolistically competitive firms. Short-run equilibrium entailing economic loss is shown by: Refer to the above diagrams, which pertain to monopolistically competitive firms. A short-run equilibrium entailing economic profits is shown by: Refer to the above diagrams, which pertain to monopolistically competitive firms. Long-run equilibrium is shown by: Refer to the above diagram for a monopolistically competitive firm. Long-run equilibrium price will be: Refer to the above diagram for a monopolistically competitive firm. Long-run equilibrium output will be: Refer to the above diagram for a monopolistically competitive firm. If more firms were to enter the industry and product differentiation were to weaken, then: the demand curve would become more elastic. If some firms leave a monopolistically competitive industry, the demand curves of the remaining firms will: Other things equal, if more firms enter a monopolistically competitive industry: the demand curves facing existing firms would shift to the left. Refer to the above diagram for a monopolistically competitive producer. If this firm were to realize productive efficiency, it would: The economic inefficiencies of monopolistic competition may be offset by the fact that: consumers have increased product variety. In long-run equilibrium a monopolistically competitive producer achieves: neither productive efficiency nor allocative efficiency. In which of these continuums of degrees of competition (highest to lowest) is oligopoly properly placed? pure competition, monopolistic competition, oligopoly, pure monopoly The term oligopoly indicates: a few firms producing either a differentiated or a homogeneous product. In an oligopolistic market: products may be standardized or differentiated. Oligopolistic industries are characterized by: a few dominant firms and substantial entry barriers. The mutual interdependence that characterizes oligopoly arises because: a small number of firms produce a large proportion of industry output. Oligopoly is more difficult to analyze than other market models because: of mutual interdependence and the fact that oligopoly outcomes are less certain than in other market models. Prices are likely to be least flexible: Mutual interdependence means that each oligopolistic firm: must consider the reactions of its rivals when it determines its price policy. Concentration ratios measure the: percentage of total industry sales accounted for by the largest firms in the industry. As a general rule, oligopoly exists when the four-firm concentration ratio: The Herfindahl index for a pure monopolist is: Assume six firms comprising an industry have market shares of 30, 30, 10, 10, 10, and 10 percent. The Herfindahl Index for this industry is: The kinked-demand curve of an oligopolist is based on the assumption that: competitors will follow a price cut but ignore a price increase. Refer to the above diagram. Equilibrium output is: Refer to the above diagram. Equilibrium price is: Refer to the above diagram. In equilibrium the firm: is realizing an economic profit of ad per unit. When a monopolistically competitive firm is in short run equilibrium?Short-run equilibrium for a monopolistically competitive firm is identical to that of a monopoly firm. The firm produces an output at which marginal revenue equals marginal cost and sets its price according to its demand curve.
What happens to a monopolistically competitive firm in the short run?In the short run, a monopolistically competitive firm maximizes profit or minimizes losses by producing that quantity where marginal revenue = marginal cost. If average total cost is below the market price, then the firm will earn an economic profit.
How does a monopolistically competitive firm operate in the short and long run?Companies in a monopolistic competition make economic profits in the short run, but in the long run, they make zero economic profit. The latter is also a result of the freedom of entry and exit in the industry.
How is the equilibrium of a monopolistically competitive firm determined?The equilibrium is given by the point of tangency between the firm's AR curve and LAC curve, which is at point E in Fig. ii. Therefore, in the long-run, under monopolistic competition, firms earn only normal profits.
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Refer to the diagram for a monopolistically competitive firm in short-run equilibrium
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