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- What are the most important differences between perfectly competitive markets and monopolistically competitive markets? Give two examples of products sold in perfectly competitive markets and two examples of products sold in monopolistically competitive markets.In both perfectly competitive and monopolistically competitive markets, when firms are making positive economic profits, other firms willenter until price equals ATC and profits are zero.Despite these similarities, in a perfectly competitive market total surplus is maximized, while ina monopolistically competitive market surplus isnot maximized. Explain this difference.The following graph represents a monopolistically competitive firm in long-run equilibrium. Place the black point (cross sign) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competitive company. Next, place the grey star on the graph to indicate the point where the LRAC reaches a minimum. PRICE PER UNIT (Dollars) 500 450 400 350 300 250 200 150 100 50 MC 0 0 50 LRAC MR Demand 100 150 200 250 300 350 400 450 500 QUANTITY (Units) Monopolistically Competitive Outcome Minimum of the LRAC The long-run equilibrium price is $ (Hint: Use the graph to find the numeric value of the price at equilibrium.) The long-run equilibrium quantity is units. The LRAC curve is at its minimum at a quantity of The long-run equilibrium price is units. the marginal cost of producing the equilibrium output. ?
- ). Explain why a monopolistically competitive firm switches from charging a single price to Third-Degree Price discrimination (Hint: SR vs LR). Explain and graph.Which of the following is shared by both monopolistically competitive markets and prefectly competitive markets?In a long-run equilibrium, would a perfectly competitive firm and a monopolistically competitive firm produce at the level of output that minimizes the average total cost? Explain with diagrams. Explain whether a monopolistically competitive firm is able to achieve social efficiency in the long-run equilibrium through the diagram you produced above. (Sub-part to be solved)
- Suppose button industry is characterized by monopolistic competition with external economy. China is currently the dominant producer of buttons. Explain why Vietnam may find it difficult to compete with China in a button industry even if Vietnam has lower average cost as a function of the size of the industrySuppose the market for toothpaste is monopolistically competitive and in? long-run equilibrium. The demand? (and marginal? revenue) for a firm in this industry is illustrated in theencient? Suppose that a company operates in the monopolistically competitive market for electric razors. The following graph shows the demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve for the firm. 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. 3; 100 50 90 80 88 + 70 70 60 550 40 PRICE (Dollars per razor) 30 30 10 MC 20 20 0 10 10 ATC +. ? Mon Comp Outcome MR Demand 20 30 40 50 60 70 80 90 100 QUANTITY (Thousands of razors) Min Unit Cost
- Mail - Oliver, Ak X 13) Online Quiz i heducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%2525 1er. Excel Module 8 X 13 10 Refer to the graph for a monopolistically competitive firm in short-run equilibrium. This f 0 100 X M Question 16-LCX M Inbox (9,354) - Multiple Choice lass of $280 MC 160 180 210 Quantity ATC MR DIf perfectly competitive firms and monopolistic firms are not commonplace in the United States, why do we study them? Include at least 2 outside sources.The following graph shows cost curves for a monopolistically competitive firm. Place the black point (cross symbol) on the graph to indicate the short-run profit-maximizing price and quantity for a monopolistically competitive firm. 500 450 PRICE PER UNIT (Dollars) 400 350 300 250 200 150 100 50 50 MC 0 0 50 100 150 LRAC MR Demand 200 250 300 350 400 450 500 QUANTITY (Units) + Monopolistically Competitive Outcome The following graph shows cost curves for a perfectly competitive firm. Place the grey point (star symbol) on the graph to indicate the point where a perfectly competitive firm would produce. ? 500 450 400 350 300 * Perfectly Competitive Outcome