A monopolistically competitive market has characteristics that are similar to Question 16 options: a) a monopoly only b) a competitive firm only c) both a monopoly and a competitive firm d) neither a competitive firm nor a monopoly
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- Monopolistic competitive firms' profit maximization decisions are similar to those of _______________. Question 5 options: a perfectly competitive firm. a monopoly firm. both monopoly and perfectly competitive firms. neither monopoly nor perfectly competitive firms.The goal of product differentiation and advertising in monopolistic competition is to make: Question 21 options: price less of a factor and product differences more of a factor in consumer purchases. price more of a factor and product differences less of a factor in consumer purchases. the firm productively efficient even if it is not allocatively efficient. the firm allocatively efficient even if it is not productively efficient.Suppose a monopolistically competitive firm is in long-run equilibrium. The firm's demand curve is tangent to its average cost curve at Q = 25. Average cost is minimized at Q = 35, where average cost is $50. Which of the following is true? Group of answer choices This firm maximizes profit at an output level of 35 units. This firm maximizes profit at an output level lower than 25 units. This firm maximizes profit at an output level of 25 units. This firm incurs an economic loss in the long run. This firm maximizes profit at an output level greater than 35 units.
- Which of the following is most likely a monopolistically competitive market? Question 15 options: Airlines Electric company Restaurants All of the above are equally likely to be monopolistic competitioA monopolistic producer of two goods, 1 and 2, has a joint total cost function TC=10Q1+Q1Q2+10Q2 where Q1and Q2 denote the quantity of items of goods 1and 2, respectively that are produced. If P1 and P2 denote the corresponding prices then the demand equations are P1=50-Q1+Q2 P2=30+2Q1-Q2 Using the Lagrange multiplier approach, find the maximum profit if the firm is contracted to produce a total of 15 goods of either type. Estimate the new optimal profit if the production quota rises by 1 unit.Q55 Monopolistic competition is similar to perfect competition in that... a. Firms in both types of market structure engage in non-price competition. b. Strategic behaviour is common to both market structures. c. Firms in both types of market structures produce a standardised product. d. Neither has significant barriers to entry. e. Each firm faces a horizontal demand curve.
- A monopolistically competitive firm is characterized by Question 17 options: a) many firms selling products that are similar but not identical b) many firms selling identical products c) a few firms selling products that are similar but not identical d) a few firms selling highly differentiated productsThe 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 exitWhich of the following statements is correct? Group of answer choices The more similar Firm A’s product is to Firm B’s product, the more likely Firm A is to advertise. Monopolistically competitive firms advertise in order to increase the elasticity of the demand curve they face. According to the signaling theory, the more product information an advertisement contains, the more effective it is. Brand names may help consumers if they provide information about the quality of a product when acquiring such information is difficult.
- Q52 Plaex Building Systems Inc., a startup firm based in Hampstead, New Brunswick, is a monopolist selling nine units of its output at a price of $50. If the marginal revenue of the tenth unit is $30, then the Multiple Choice price of the tenth unit is greater than $50. price of the tenth unit is $48. price of the tenth unit is $49. firm's demand curve cannot be specified. firm's demand curve is perfectly elastic.For each of the following characteristics, check which types of firm it describes: a monopoly firm, a monopolistically competitive firm, both, or neither. (Note: If the characteristic describes neither, leave the entire row unchecked.) Characteristic Monopoly Monopolistically Competitive Charges a price above marginal cost Equates marginal revenue and marginal cost Has marginal revenue that is the same as the price Faces the entry of new firms selling similar products Earns economic profit in the long run Produces the socially efficient quantity of outputAs their respective names imply, monopoly and monopolistic competition are the most similar of the four market structures
