APE 40Monopolistic Competition
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1: Use the graph to answer questions AH
(A) At what level of output will this firm operate?
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1 point
0
L
M
A
B
(B) What is marginal revenue at this level of output?
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1 point
A
B
C
D
E
(C) What price will this firm charge for its product?
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1 point
A
B
C
D
E
F
(D) The area of which rectangle is equal to total revenue?
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1 point
B,C,H,K
E,F,H,C
E,F,G,D
E,F,K,B
E, F, L, 0
(E) What is the firm’s average total cost?
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1 point
A
B
C
D
E
(F) The area of which rectangle is equal to the firm’s total cost?
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0 points
Your answer
(G) Is the firm in the short run or long run?
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1 point
Short run
Long run
Both
Neither
How do you know if the firm is in the short run or long run?
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0 points
Your answer
(H) The area of which rectangle is equal to profits or losses?
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0 points
Your answer
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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Your answer
4. What are three examples of monopolistically competitive markets?
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Your answer
5. True, false or uncertain, and why? “Monopolistic competition is just another form of pure monopoly.”
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0 points
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6. True, false or uncertain, and why? “Monopolistic competition is even better than perfect competition.”
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0 points
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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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