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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?If the firms in a monopolistically competitive market are earning economic profits or losses in the short run, would you expect them to continue doing so in the long run? Why?For market failure unit (market power). In the long run graph for monopolistic competition, firms are no longer earning abnormal profit due to low barriers to entry as there are more similar goods on the market, lowering demand, causing them to earn normal profits, however, shouldn't that cause MR to be equal to AR (demand curve), similar to the normal profit in perfect competition? Why is MR less than AR here when it is earning normal profit?
- a. The perfectly competitive firm exhibits resource allocative efficiency (P = MC), but the single-price monopolist does not. What is the reason for this difference?b. Explain three reasons why monopolies arise. c. Why is the marginal revenue of a perfectly competitive firm equal to the market price? d. Would a perfectly competitive firm produce if price were less than theminimum level of average variable cost? Why?Y5 The new food delivery company DoorDash is thinking of entering New Zealand. Its rivalry is the existing UBER Eats. Both these companies simultaneously choose whether to operate in January, February, March, or April, or not to operate at all. Thus the strategy set for both these companies is {January, February, March, April, or Not to Operate}. Assume that the profit received by a monopolist in month m (where a monopoly means only one company is operating) is 10 x m – 15, whereas each duopolist (so both are operating) would earn 4 x m – 15. A company makes zero profit for any month that is not operating. Also, the value of m while calculating the profits for a particular month in the above equations is as follows {January = 1, February = 2, March = 3, April = 4}. The payoffs of the strategic form of this game are the sum of the profit of all the months. For example, if DoorDash operates in February and UBER Eats in March, then DoorDash earns zero profit in January; 5 (=10 x 2 - 15)…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, increase
- Determine whether each of the following isa characteristic of perfect competition, monopolistic competition,oligopoly, and/or monopoly:a. A large number of sellersb. Product is a commodityc. Advertising by firmsd. Barriers to entrye. Firms are price makerse) Describe how monopoly is different from perfect competition in terms of characteristics,optimal conditions, and market and firm conditions.We now assume the firm producing a steel bar is under monopolistic competition. When the price of the steel bar is $ 30,000, the quantity demanded is 8 metric tons, a 100% change in the price would change the quantity demanded by 25%. The firms fixed cost is $45,000. Its variable cost in thousands at each level of production are 45, 85, 120, 150, 185, 225, 270, 325, 390, and 465. 1. At what production output should the firm produce in the long run? 2. At what price should the firm sell its product in the long run?
- Compare the elasticity of the monopolistic competitor’s demand with that of a pure competitor and a pure monopolist. Assuming identical long-run costs, compare graphically the prices and outputs that would result in the long run under pure competition and under monopolistic competition. Contrast the two market structures in terms of productive and allocative effifi ciency. Explain: “Monopolistically competitive industries are characterized by too many firms, each of which produces too little.”In prices. market structure, firms sell differentiated products but due t A) a monopolistic competition B) an oligopoly a monopoly D a perfect competition Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate.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 correct
