pure competition compared to a monopoly is that: A. economies of scale become less important. B. businesses have more incentives to keep prices low. C. more capital is available for research and development. D. consumers have to make fewer economic choices.

pure competition compared to a monopoly is that: A. economies of scale become less important. B. businesses have more incentives to keep prices low. C. more capital is available for research and development. D. consumers have to make fewer economic choices.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter15: Economic Regulation And Antitrust Policy

Section: Chapter Questions

Problem 5QFR

See similar textbooks

Related questions

Q: I. Write the letter corresponding to your answer on the space provided for. 1. What is the…

A: 1 - B perfect competition has free entry and exit of firms 2 - C Vegetables are homogenous as it is…

Q: What is the deadweight loss in this market, if any? e. How does a firm decide to increase or…

A: A perfectly competitive firm produces at level of output where P = MR = AR = MC. Deadweightloss…

Q: Corn Market: High Price James' Costs Mentor James' Costs Let's take a look at my costs. James' Costs…

A: At profit maximizing level of output:- Marginal Cost= Marginal…

Q: Help me answer this review question. Fill in the Blanks. An increase in the price of shirts will…

A: In a market, any change in market price will lead to influence the production decision of the firms.

Q: rms (A and B) sell identical products. They move at the same time. Demand in the market is P = 400 -…

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

A: In perfect competition there are Large number of buyers and sellers exchange homogeneous product at…

Q: How much should the firm produce to maximize its profit? What is the firms AR? What is the firms…

A: "Since you have asked multiple parts, we will answer only first three parts for you. If you have any…

Q: 4. Akbar Ali is the only person who sells a TV show cards. Below is the chart of his prices and…

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

Q: Give 2 examples of perfect competition and 2 examples of monopoly in real business world. Give…

A: Monopoly refers to the market structure where there is only a single seller of the product which…

Q: In the short run, what quantity does Lite and Kool produce, what price does it charge, and does it…

A: Monopolistic competition refers to a market structure in which many firms sell differentiated…

Q: What is Law of Diminishing Return? Explain and show it with graph.

A: Microeconomics: It refers to the economics in which the study is considered on an individual not on…

Q: Figure 1 MC Revenue and cost (dollars per unit) MR $40 ATC AVC 24 C. 20 14 12 200 Quantity 100 150…

A: The type of market structure in the above graph is that of perfect competition. Perfect competition…

Q: Table 2 shows Media Cable’s demand table, total revenue, and marginal revenue at each price. What is…

A: Quantity effects occurs when change in price affects the quantity, and it results into change in…

Q: 6. Elizabeth Airlines (EA) flies only one route: Chicago- Honolulu. The demand for each flight is Q…

A: Since you have asked a question with multiple subparts, we have answered the first three subparts…

Q: a) Distinguish between a perfect competition market and a monopoly market in an economy?

A: In economics, there exists mainly four kinds of market structure and these market structures are…

Q: Briefly explain the following: (1). Problems of Marketing in developing Economies. a). Lack or…

A: Meaning of Marketing Strategy: Marketing strategy is the managerial process of developing or…

Q: Suppose the market operates under perfect competition without the innova- tion. (i) Write down the…

A: Introduction We have given a demand and cost function. Cost function differs when firm adopt a new…

Q: Complete the table and answer the following: 1. Sketch a graph of the table 2. Compute consumer…

A: Price Quantity Total Revenue Marginal Revenue Total Cost Marginal Cost 20 0 0 --- 1000 --- 18…

Q: Explain the feature of the large number of the sellers and the buyers in the perfect competition

A: Meaning of Market: The term market refers to the situation under which the producers or the…

Q: Define economic efficiency in terms of production costs and products prices. Why are purely…

A: * ANSWER :-

Q: Differentiate between perfectly competitive market and monopoly

A: The measure that depicts classification and differentiation of industries being based upon nature…

Q: Fill in the table and use your answers to the questions to figure out which market type each…

A: Market structure refers to the market that has specific features and each market has its own…

Q: Question 4 Explain Microeconomic electricity theory?. Differentiate between monopoly and…

A: Microeconomic electricity theory the reader understands the relationship between these principles…

Q: Examine the relationship between Marginal cost and average cost for firm in the short run.

A: Cost curves: It refers to the graphs that helps in showing the production function of the firm. The…

Q: Why Business Should Be Listed in Google My Business b. How to Dominate Local Search c. A…

A: A) Business Should Be Listed in Google My Business because, Your Business Profile is a free device…

Q: Why, in perfect competition, is the marginal revenue curve perfectly elastic? b. Why is the…

A: Perfect competition is a market structure characterized by large number of firms selling homogenous…

Q: Because of market forces, firms have over the price that they can charge and they make profit(s)…

A: The market forces that determine the price are demand and supply. A market which has a widespread…

Q: Two bookstores, Barne's Books and Jenson Reads, are competing for customers. Barne's could run no…

A: Given pay off matrix Probability of 2 for 1 price=0.2 Probability of 3 for the price of 2 =0.4

Q: Give an example in the marketplace that describes the principles of the free market (perfect…

A: Prices of goods in competitive market are determined by free market forces of demand and supply.…

Q: Number of Fruit Baskets TFC TVC TC MC $50 $0 $50 1 50 10 60 10 2 50 15 65 5 50 21 71 6 4 50 31 81 10…

A: In a perfectly competitive market, price equals the marginal cost. If the market price of the fruit…

Q: Question 4 The following information on demand, revenue and costs of a car maker: Demand: P = 1000 –…

A: We know that the firm maximizes it's profit at a point where…

Q: by a Local egg seller, Rahim. Rahim is faced with strong competitors who are selling exactly the…

A: A break-even analysis is an economic apparatus that is utilized to decide the expense construction…

Q: What quantity does Lite and Kool produce? a. b. What is the price of a pair of Lite and Kool shoes?…

A: Hi, thanks for the question. As per the guidelines we are allowed to attempts only the first three…

Q: Many economists would argue that there is no such thing as perfect competition in the real world.…

A: The perfectly competitive market is the one with completed information and complete freedom to make…

Q: You live in a town with 300 adults and 200 children, and you are thinking about putting on a play to…

A: Since you have posted a question with multiple subparts, we will solve the first three subparts for…

Q: What happens if the U.S. textile industry has high barriers to entry? a.) The textile industry’s…

A: Ans) The correct option is d.) The textile industry creates blocked avenues to entry even with…

Q: chis information to answer the next six questions. following table shows a community's demand for…

A: A monopoly is when particular firm and its items controls an entire industry whereby there is…

Q: 1.The long run average cost curve a. is identical to the profit maximizing short run average cost…

A: Note: In the BNED Guidance, only the first question can be answered at a time. Resend the question…

Q: c. Explain the concept of minimum efficient scale and its relevance for determining when a market is…

A: Market refers to the place where the buyers or sellers sell and buy goods and services in the…

Q: The graph attached illustrates the Demand, Marginal Revenue, Marginal Costs, Average Total Costs and…

A: Answer in step 2

Q: Happyland is the only theme park in the nation. When Happyland maximizes profit, what is the…

Q: I need full explanation for these questions so that I can understand. 1. Which of the following is…

A: 1. Non Price competition offers strategic moves through a firm can increase its sales and revenue…

Question

One major advantage of pure competition compared to a monopoly is that: A. economies of scale become less important. B. businesses have more incentives to keep prices low. C. more capital is available for research and development. D. consumers have to make fewer economic choices.

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

please do the graphs and the questions. the choices for the two questions in the end are (monopoly, perfectly competitive market) thank you
Use the cost and revenue data to answer the questions. Quantity Price Total revenue Total cost 10 90 900 675 15 80 1200 825 20 70 1400 1025 25 60 1500 1250 30 50 1500 1500 35 40 1400 1850 If the firm is a monopoly, what is marginal revenue when the quantity is 25? MR= What is the marginal cost when quantity is 15? MC= If this firm is a monopoly, at what quantity will marginal profit be $0.00? Quantity= If this is a perfectly competitive market, which quantity will be produced? Quantity=
Give 2 examples of perfect competition and 2 examples of monopoly in real business world. Give reasons for your answer.
. A. How the price of the frim is determined from industry price?B. Compare the Automobile industry and agriculture according to market structure. C Give two examples of each 1. Legal Monopoly 2. Economic Monopoly
I am learning about pure competition in short and long run and pure monopoly in intro to microeconomics. How would a pizzeria in a densely populated area with 20 to 50 competitors thrive in a pure short competition market compared to a pure long competition market? As well as in a pure monopoly market.
Market Structure a. In the short run, if a perfectly competitive firm produced at the quantity of productive efficiency, would it generate the highest profit level possible? Why or why not? b. Draw a graph to represent a natural monopoly and describe the circumstances that would permit natural monopoly to exist. Would it be wise for government to break up natural monopolies? Give some examples of natural monopolies
Research the difference between pure competition and monopoly pricing. Compare and contrast the differences between the two and then explain which you would prefer if you were a shipper (you’re paying the bill) and why? Also, consider your answer if you were the carrier (you’re getting paid) and explain how you might feel differently and why?
What is NOT a common reason for the development of a monopoly? options: All other answers are in fact reasons for monopoly - so none of them is correct A patent Being very good, way better than others, in producing the good (for example, Google in search) Government created monopolies
Which of the ,following can create monopoly? I. high prices II. public franchise III. patent IV. government license OPTIONS: a) I, II and III b) I and III c) I and II d) I, III and IV
Different between the monopoly market and perfect competition market. Define in a well manner.
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?
4 Modern business practices do not usually result in violent outbreaks. Why might governments in the modern day enact laws or regulations that restrict competition? As an example, an entire profession-lobbyist-focuses on convincing government officials to pass laws and regulations beneficial to particular industries. Is this reasonable? Justify.