APE 40-Monopolistic Competition
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1: Use the graph to answer questions A-H
(A) At what level of output will this firm operate? *
1 point
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(B) What is marginal revenue at this level of output? *
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(C) What price will this firm charge for its product? *
1 point
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(D) The area of which rectangle is equal to total revenue? *
1 point
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(E) What is the firm’s average total cost? *
1 point
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(F) The area of which rectangle is equal to the firm’s total cost? *
0 points
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(G) Is the firm in the short run or long run? *
1 point
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How do you know if the firm is in the short run or long run? *
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(H) The area of which rectangle is equal to profits or losses? *
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2. Would the demand curve for a monopolistic competitor be more or less elastic than the demand curve for a monopolist? Justify your answer. *
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3. What are the characteristics of a monopolistically competitive market? In what sense is there competition and in what sense is there monopoly in this type of market structure? *
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4. What are three examples of monopolistically competitive markets? *
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5. True, false or uncertain, and why? “Monopolistic competition is just another form of pure monopoly.” *
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6. True, false or uncertain, and why? “Monopolistic competition is even better than perfect competition.” *
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7. True, false or uncertain, and why? “In the long run, monopolistic competitors produce at their most efficient point.” *
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