6. a..Illustrate the Perfectly Competitive Firms earning abnormal economic profit in the short run. b..Illustrate the Monopolistic Firms making a loss in the short but will continue to operate.

Q: In the long run monopolistically competitive firms are inherently inefficient. do you agree? explain

A: Monopolistic competition is a market structure where many producers sell differentiated goods.…

Q: Suppose that a monopolistically competitive restaurant is currently serving 260 meals per day (the…

A: A monopolistically competitive market has characteristics of both monopoly and perfect competition.…

Q: Explain the importance of advertising in monopolistically competitive industries how does his…

A: In the monopolistic market structure, there exists a large number of firms but every firm in this…

Q: 2. Assume a firm is operating in a monopolistically competitive market. Draw a graph that shows the…

A: A firm in monopolistic competition produces at the quantity where the marginal revenue (MR) is equal…

Q: graph depicts the long run average total cost curve for Judy's Gyros - a fast food firm in a…

A: In the long run under monopolistic market firms has EXCESS CAPACITY  Firms operate at less than…

Q: Product differentiation is a monopolistic competition or what??? And why?

A: Monopolistic competition is a market structure in which there are a huge number of product sellers.…

Q: 14. Under which of the following forms of market structure does a firm have no control over the…

A: The markets are the place where the buyers of the goods, services and other products tend to meet…

Q: Figure 1 Price Quantity Quantity (c) (d) Price Price MC MC ATC ATC D XV MR Quantity Quantity 12.…

A:

Q: Suppose that a monopolistically competitive restaurant is currently serving 240 meals per day (the…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: 4. "In the long run, there is no difference between monopolistic competition and perfect…

A: Perfectly competitive firm: >Large number of buyers and sellers >Homogenous goods >Free…

Q: Identify whether the following statement is true or false and explain why. 1. Like a firm in a…

A: In monopolistically competitive industry, firms are price takers and they refuse to sell the goods…

Q: Which of the following is different about perfect competition and monopolistic competition? a. In…

A: In perfect competition and monopolistic competition, there are many firms with free entry and exit.

Q: Read the passage. Then answer the question that follows. The Denim Company is a producer of jeans,…

A: In monopoly, eqm quantity is found by the intersection of MC(marginal cost) and MR(marginal revenue)…

Q: Suppose that a monopolistically competitive restaurant is currently serving 250 meals per day (the…

A: Monopolistic competition describes an industry in which a large number of enterprises compete for…

Q: 21.Which of the following is NOT a characteristic of monopolistic competition? A)product…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: MC $19 16 13 10 100 160 180 210 Quantity Refer to the diagram for a monopolistically competitive…

A: According to the question, we have the following information-

Q: What is an assumption of the model of monopolistic competition? O Consumers lack adequate…

A: Monopolistic competition is one of the imperfect competition with a large number of buyers and…

Q: Monopolistic Competition Consider the fotlowing graph, (graph 1) for the short run equilibrium for a…

A: We are going to analyze and discuss the price behavior in monopolistically competitive market. The…

Q: 23. Which of the following does not characterizę monopolistic competition? a Product differentiation…

A: A monopolistic market is the one in which there are many sellers selling differentiated products.

Q: 3. Which of the following(does not characterize monopolistic competition? a. Product differentiation…

A: A monopolistic market is the one in which there are many sellers selling differentiated products.

Q: 7) Although the long run equilibrium of a monopolistically competitive markets involves zero…

A: A monopolistically competitive market is a market where there are many buyers and sellers. The…

Q: Suppose that a monopolistically competitive restaurant is currently serving 280 meals per day (the…

A: A monopolistic market(mkt) is the market(mkt) where there are large numbers of firms offering…

Q: 1. Graph the monopolistic competitive firm taking a loss and explain the process from the short-run…

A: Monopolistic Competition: It refers to the competition under which there are large number of sellers…

Q: 25 ATC 25 ÁTC 20 15 DD 10 5 MR 10 20 30 40 50 60 70 80 90

A: A monopolistic competitive firm will be in equilibrium when its profit is maximized or loss is…

Q: For market failure unit (market power). In the long run graph for monopolistic competition, firms…

A: In the monopolistic market structure, every firm produces differentiated goods and services which is…

Q: The mobile phone industry is monopolistically competitive, and is described by Diagram A and Diagram…

A: Monopolistic Competition A market where a large number of sellers and buyers and seller sells a…

Q: A perfectly competitive firm is considered to be more generous in terms of price and quantity of…

A: Answer to sub parts c and d are as follows:

Q: The major difference between a monopolistic competition and monopoly is, a. monopoly is a price…

A: Monopoly refers to the form of market in which there is only a single seller who selling the unique…

Q: 1.  Briefly state the basic characteristics of pure competition, pure monopoly, monopolistic…

A: “Since you have asked multiple questions, we will solve the first question for you. If you  want any…

Q: 3 Which of the following will likely occur when a firm exits a monopolistically competitive…

A: Monopolistic competition is a competition between numerous firms in the same industry producing…

Q: Suppose the monopolistically competitive barber shop industry in a community is in long-run…

A:

Q: Firms compete in different types of market structures. In the real world, most markets are either…

A: 1)a) Monopoly is a market structure where there is single seller and many buyers. The firm is a…

Q: ow many of the following statements are true about monopolistic competition at long run equilibrium

A: In Monopolistically competitive market, the sellers sell differentiated products which are close…

Q: Consider the demand and cost curves for Old Balance running Price per pair shoes, a monopolistically…

A: A monopolistic competitive firm maximizes profit by MR=MC and charging the maximum price consumers…

Q: 28. Under which market structure, average revenue of a firm is equal to its marginal revenue A. O…

A: "Correct option is C."

Q: 23) When MR = MC and P= ATC for a monopolistically competitive firm, the firm is in A) short-run…

A: When a monopolistically competitive firm produces the level of output at which marginal cost (MC)…

Q: Assume that the smartphone manufacturing industry is in monopolistic competition. Assume that…

A: In economics, it is assumed that the main objective of any firm is profit-maximization. At the…

Q: Generally, the food and beverage industry can be classified as an example of a monopolistic…

A: In monopolistic competition, there are many buyers and sellers. Firms have some control over the…

Q: Question.  What firms in perfect competitive market and monopolistic competitive market have in…

A: The perfect competitive market and monopolistic competitive market, both are the market structure,…

Q: Why in a perfectly competitive market seller cannot sell at a price higher than the market price?…

A: Note:- Since we can only answer one question at a time, we'll answer the first one. Please repost…