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- Continuing with the scenario in question 1, in the long run, the positive economic profits that the monopolistic competitor earns will attract a response either from existing firms in the industry or film outside. As those films capture the original films profit, what will happen to the original films profit-maximizing price and output levels?How is the perceived demand curve for a monopolistically competitive film different from the perceived demand curve for a monopoly or a perfectly competitive film?Intellectual property laws are intended to promote innovation, but some economists, such as Milton Friedman, have argued that such laws are not desirable. In the United States, there is no intellectual property protection for food recipes or for fashion designs. Considering the state of these two industries, and hearing in mind the discussion of the inefficiency of monopolies, can you think of any reasons why intellectual property laws might hinder innovation in some cases?
- e) Describe how monopoly is different from perfect competition in terms of characteristics,optimal conditions, and market and firm conditions.There is much evidence that large firms with considerable market power (firms such asmonopolies) may not maximize profits but may pursue quite different objectives such asgrowth or sales revenue maximization. What are the arguments put forward to defendmonopoly? Name any 5 Generally, the aim of a business is to maximize profit. Which point should a firm operateat in order to achieve maximum profit? By making use of a graph indicate clearly the pointat which a firm makes maximum profit and a point where a firm increase their output inorder to enhance profit as well as well as the points where they should reduce theirproduction if they want to enhance profitSuppose you’re operating one of only two coffee shops in town. Assume that both coffee shops produce identical coffee so that customers only care about the price. That is, you’re engaged in Bertrand competition. If you know that the other coffee shop charges $5 for a 16oz coffee, what price should you set for your 16oz coffee? Question 22Answer a. $4.99 b. $5.01 c. $5.00 d. $6 e. $4
- Assume that perfectly competitive industry can produce milk at a constant marginal cost of $2.00 per unit. When the industry is monopolized, the marginal cost of producing milk increase to $4.00 per unit. - Graph and discuss your results. Make sure to include the consumer surplus, producersurplus, DWL, and profit maximizing quantity and price under monopoly.Question 20 In the market for a brand name medicine with a single company selling the medicine, that company is a_______Eventually, the government lets other companies sell the medicine as a "generic" alternative to the brand name. The effect of this increased competition is to_______ the medicine's price.O. monopoly, decreaseO. oligopoly, decreaseO. monopoly, increaseO. oligopoly, increase1. Briefly explain any three key features of a Perfect Competitive and a Monopolistic marketi. Show what happens to a monopoly fim operating in the long-run
- 3.1. Fill out the table below. Unit Marginal Marginal Quantity (Q) Price (P) Total Revenue (TR) Fixed Cost (FC) Variable Cost (VC) Total Cost (TC) Profit Cost Revenue 14 $10 140 $3 40 $43 - 15 $10 150 $3 48 $51 10 16 $10 160 $3 57 $60 10 17 $10 170 $3 67 $70 10 18 $10 180 $3 78 $81 10 3.2. Is the table above pertaining to a perfectly competitive firm or monopoly? How can you tell?The automobile, steel and oil industries are all examples of: O perfectly competitive industries O monopolies O monopolistically competitive industries O oligopolies O none of the other answer choice are correctExplain why a merger between Netflix and Disney Plus should not be approved. Use two examples and include words like competition,monopoly, or costs