The monopoly portion of the market structure "monopolistic competition" refers to _____, while the competition portion refers to _____. a. Differentiated products; barriers to entry b. Differentiated products; free entry and exit c. Identical products; barriers to entry d. Identical products; free entry and exit
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- A. Identify the main characteristics of an industry operating under conditions of monopoly. B. Explain, with the aid of a graph, the short run equilibrium position of a firmoperating as a monopoly.Include the following in your graph as well as your explanation: • The profit maximising output of the firm• The price• Type of profit earned by the firm. C. Comment on the long run equilibrium position of a monopolistic firm.Imagine that in a certain industry (choose any) monopolistic competition is replaced by monopoly. a. As a result of what can this happen? Describe a possible scenario. b. Using demand, marginal cost, and marginal revenue graphs, show how this decrease in competition will change market prices. Make appropriate comments on the graphs, paying special attention to the direction of changes. c. Describe what changes may occur in the methods of competition if the firm becomes a monopolyThe figure shows the demand and cost curves for a firm in monopolistic competition. In the long run, the demand for this firm's product will 0 A. decrease as other firms enter the industry. B. become less elastic as firms exit the industry. C. become less elastic as other firms enter the industry. D. decrease as product differences disappear. 22 Price and costs (dollars per unit) ☑✓ 15 10 5 0 MC ATC MR D 4 8 12 16 20 24 Quantity (units per day)
- Macmillan Learning Increasing Returns to Scale and Monopolistic Competition Starting from the long-run trade equilibrium in the monopolistic competition model, as illustrated in the accompanying figure, consider what happens when industry demand D increases. For instance, suppose that this is the market for cars, and lower gasoline prices generate higher demand D. a. Show the resulting shift in the D/NT, d, and mr curves. Assume the price increases to $13. Place point A on the new short-run equilibrium. Price 09876 20 19 18 17 16 15 11 10 9 8 7 6 5 4 3 2 1 0 mr D/NT d A • AC MC 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 QuantityUse the diagram to answer the following questions. Market Structure and Demand MC ATC D. D2 Quantity a. Compare the elasticity of a monopolistic competitor's demand with that of a pure competitor and a pure monopolist. A monopolistic competitor's demand curve is less v elastic than that of a pure competitor. A monopolistic competitor's demand curve is more | elastic than that of a pure monopolist. b. Using the diagram above, Identify the demand curve for each of the following: Monopolist: D3 Monopolistically competitive firm: D2 Perfectiy competitive firm: D1 C. Assuming identical long-run costs, as shown In the diagram, Identify graphically the price and output that would result In the long run under monopolistic competition. The long-run price and output for a monopolistically competitive firm is represented by Point B d. Contrast the two market structures In terms of productive and allocative efficiency. Instructions: Complete the table below by selecting options from each of the…Q8. The similarity between Monopoly and Monopolistic competition is vow a) Free entry and exit of firms marginal revenue b) Quality of product is same c) Price charged exceeds d) Demand curves are perfectly elastic. Q9. Which of the following conditions is acceptable as the last stage of production for a P.C. firm? a) Size of loss equals to total fixed cost b) Size of loss equals to total variable cost c) Size of loss equals to total cost d) Firm earns zero economic profit Q10 The monopolistic competitive firm produces product a) That is slightly differentiated b) That is significantly different from each other c) That is considerably different from each other d) That is of lower quality than the P.C. firm
- 3. a. State the conditions needed for price discrimination? b. Draw the diagram of a firm in monopolistic competition that is in the long run and another diagram for a monopoly firm making profits. c. Total industry sales are $105 million. The top four firms account for sales of $15%, 12%, 10%, 8% respectively. What is the three-firm concentration ratio?Which of the following is not a difference between perfect competition and monopolistic competition? The monopolistic competitor faces a downward sloping demand curve. Long run economic profit. Excess capacity. Mark up over marginal cost. « < Question 6 of 40 A Moving to another question will save this response. Close Windowèstion 14 Advertisement and Commercials campaigns DleYl, lcl oles are widely used in the following markets: Perfect competition and Monopoly. Perfect competition and Monopolistic competition. O Monopolistic competition and Oligopoly. O Oligopoly and Monopoly.
- Compare the short-run and the long-run equilibrium in monopolistic competition with graphs; explain the graphs. Show and explain why the long-run equilibrium is inefficient. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure. dont forget graphThe graph shows the cost curves, demand curve, and marginal revenue curve of a firm in monopolistic competition. If this firm is maximizing profits, the firm's markup is $ S ALECK 120- 100- 80- 60- 40- 20- 0 Price and cost (dollars per pair) 25 MR ATC D 50 100 125 150 175 200 225 Quantity (pairs of shoes per week) 75 100 121) Are monopolists guaranteed of making economic profits?. pleas explain.2) Explain the long run equilibrium situation for a monopolistically competitive industry. Give two examples of industries that fit under this category.
