If two identical firms with no cost and demand curve P-20-2Q compete using the Cournot model, find pric Select one: O a. 12.24 . O b. 4.167. O c. 2.5. O d. 4.
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- If two identical firms with marginal cost of 2 and demand curve P=50-4Q compete using the Cournot model, finc profit 2 Select one: O a. 5. O b. 70. O c. 69.43. O d. 23.75.Refer to the figure at right. Two firms operating in the same market must choose between a collude price and a cheat price. Firm A's profit is listed before the comma, B's outcome after the comma. If each firm tries to choose a price that is best for it, regardless of the other firm's price, which of these statements is correct? O A. Both firms should charge a cheat price. OB. Firm A should charge the collude price; Firm B should charge a cheat price. C. D. Both firms should charge a collude price. Firm A should charge a cheat price; Firm B should charge a collude price. Cheat Price Firm A Firm B Cheat Price Collude Price Collude Price 18, 18 6,30 30,6 24, 24Think about firms such as the Coca Cola Company and PepsiCo who competeagainst each other in the monopolistically competitive market for soft drinks. Eachfirm produces a unique product, but each of these unique products is to some extenta substitute for the soft drinks produced by rival companies.Now imagine a situation where the firms within such a market are facing suchextreme competition that they are unable to make an operating profit. Characterisethis situation diagrammatically and explain what will happen to the market, payingparticular attention to the exit or entry of firms out of (or into) the market.
- Table 17-4 Only two firms, ABC and XYZ, sell a particular product. The following table shows the demand curve for their product. Each firm has the same constant marginal cost of $8 and zero fixed cost. O a. $5 O b. $15 Price (Dollars per unit) O c. $20 O d. $10 28 26 24 22 20 18 16 14 12 10 8 6 4 2 0 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 Refer to Table 17-4. How much less do each of these firms earn in the Nash equilibrium than if they jointly maximize profits? Quantity Demanded (Units) Total Revenue (Dollars) 0 130 240 330 400 450 480 490 480 450 400 330 240 130 0Please help me ASAP. I will really appriciate it. Thank you Assume a Nash-Cournot equilibrium. How much output does firm 1 produce? Assume a Nash-Cournot equilibrium and no fixed cost. How much profit does firm 2 make? Now assume a collusive equilibrium. What is firm 1's output?In the graph for Nike shoes, assume that Nike is selling their shoes in a monopolistically competitive market. At the profit maximizing quantity, the TC of Nike is 100. What is Nike's profit at this quantity? O 150 O 140 0 50 05
- Which of the following statements is correct concerning a typical firm operating under conditions of monopolistic competition in the long run? Select one: O O O O a. It operates on the rising portion of its average cost curve because of excess capacity. b. Excess capacity is lowered as demand becomes less elastic. c. The greater the product differentiation the lower will be the amount of excess capacity. d. None of the choices are correct. If the marginal product is declining, which of the following statement is correct? Select one: a. Marginal cost must be falling. b. Average total cost must be falling c. Average product must be falling. d. Average product could be rising or falling.Suppose the firm or firms in the market for Good A face a downward-sloping demand curve, maximize profit by producing the quantity at which marginal revenue equals marginal cost, set the price higher than the marginal cost, and break even in long run equilibrium. Which one of the following market structures most likely exists for Good A? O a. Monopoly. O b. Perfectly competition. O c. Monopolistic competition. O d. Oligopoly.Generally, the food and beverage industry can be classified as an example of a monopolistic competition market. Thus, in the long-run, a firm in monopolistic competition normally produces at an output level where the; a. P = ATC and MR > MC. O b. P> ATC and MR > MC. O c. P> ATC and MR = MC. O d. P = ATC and MR = MC.
- 7. Is monopolistic competition efficient? Suppose that a company operates in the monopolistically competitive market for rugby kits. 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. PRICE (Dolars per 3822ESRR 2 100 70 20 0 MO 6 19 20 ATC MR 30 AS 50 40 70 QUANTITY (Thousands of kits); Demand 8 100 Mon Comp Outcome Min Unit Cost CWhich of the following market types has all firms selling products so identical that buyers do not care from which firm they buy? Select one: O a. monopolistic competition O b. oligopoly O c. monopoly O d. perfect competitionWhich of the following is NOT an assumption of the model of monopolistic competition model? Select one: O a. each firm is independent in its decision making O b. there is freedom of exit and entry into the industry Oc. each firm produces a product which is identical to that of its competitors O d. many small firms