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- 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?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?What is the relationship between product differentiation and monopolistic competition?
- Make a case for why monopolistically competitive industries never reach long-run equilibrium.at the Because this market is a monopolistically competitive market, you can tell that it is in long-run equihbrium by the fact that the efficient scale. optimal quantity for each firm. Furthermore, the quantity the firm produces n long-run equilibrium is True or False: This indicates that there is a markup on marginal cost in the market for jackets. OTrue FalseA firm in monopolistic competition maximizes its profit by ०२ 5 A. producing the quantity at which marginal cost equals marginal revenue and charging the highest price at which it can sell that quantity 4 OB. differentiating its good and producing the quantity at which price equals marginal revenue O c. raising its price and producing so that it always has excess capacity OD. producing the quantity at which marginal revenue equals marginal cost and then adding a markup 6 Oll M & 7 O ... * 8 9 Next E Canva suppor d? ES
- Compared with a perfectly competitive market, a monopolistically competitive firm's demand curve is O downward sloping. ohorizontal. O less elastic. Omore clasticQUESTION 26 Price MC 160 140 ATC 123.33 Demand 90 56.67 MR 100 133.33 154.92 Quantity The figure is drawn for a monopolistically-competitive firm. In response to the situation in this graph, we would expect O a. many new firms to enter this market O b. this firm to gain positive profit in the long run O c. this firm's profit to move from its current value toward zero in the long run O d. All of the above are correctSuppose that a firm produces wool jackets 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 perjacket) 100 90 80 70 60 50 40 30 20 10 0 0 MC 10 ATC MR 20 30 40 50 80 70 QUANTITY (Thousands of jackets) 80 Demand 90 100 O F ++ Mon Comp Outcome Min Unit Cost hp e
- Figure 15-3 Revenue and cost per unit $30 MC 24 ATC E 22 20.80 20 18 Demand MR 62 83 104 Quantity Figure 15-3 shows the cost and demand curves for a monopolistic competitor Refer to Figure 15-3. The profit-maximizing output and price for the monopolistic competitor are O output = 62; price = $18. O output = 104; price = $20.80. O output = 83; price = $22. O output = 62; price = $24.Which of the following is not a difference between perfect competition and monopolistic competition? The monopolistic competitor faces a downward sloping demand curve. O Long run economic profit. O Excess capacity. Mark up over marginal cost. МaсBook esc F1 F2 F3 F4 F5 $ % 2 4 6. W R tab S D F caps lock Z X V # 39 When entry occurs in a monopolistically competitive industry, which of the following occurs? A The perceived demand curve for each firm shifts to the right. The perceived demand and marginal revenue curves for each firm shift to the right. The perceived demand and marginal revenue curves for each firm shift to the left. DO The marginal revenue curve for each firm shifts to the right.
