The below figure shows the demand and cost curves for a monopolistically competitive firm in the long run. The maximum economic profit this firm can make equal equals MC ATC 10 MR D. 12 16 20 24 Quantity funits per day) Price and costs (dollars per unit

c-State and explain briefly 2 differences between a perfectly competitive market and a monopolistic competitive market.

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Marginal revenue and marginal cost intersect at point Multiple Choice C. d. a. b.

Suppose the figure to the right shows the demand curve for a monopolistically competitive firm. Show the firm's marginal revenue curve. 20- 18- Using the line drawing tool, graph the firm's marginal revenue curve. Label this curve "MR." 16- Carefully follow the instructions above, and only draw the required object. 14- E 12 10- 4- 12 16 20 24 28 32 36 40 Quantity Price (dollars per unit)

The graph depicts a monopolistically competitive firm. Assuming the firm's ATC is ATC', the firm's current economic profit (per day) is_____, and its long-run economic profit is _____. Price and cost $40 30 23 20 10 0 $3,000; $0 $1,500; $0 $1,500; $2,500 $4,000; $3,000 MR 150 200 MC ATC ATC AR=D Quantity (per day)

Σ 00 Help The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a monopolistic firm producing different quantities of chocolate gift boxes. Fill in the blanks in the table. Total Quantity Price Total Cost Marginal Cost Marginal Revenue Revenue $20 $30 25 475 230 $8 540 267.5 7.5 13 35 17 307.5 11 40 45 640 352.5 6. 11 15 675 14 472.5 13 5. Instructions: Enter your answers as whole numbers. For profit, round your answer to 2 decimal places. Profit-maximizing quantity = %3D Profit-maximizing price = %3D Profit = %3D 2 68°F Mostly clear nere to search 直 0 L Profile Ball®1.0 F6 F5 F4 F2 F1 & V 24 4 23 5. 3. 2. T R B C. Alt

Price ($) Monopolistically Competitive Firm Output D MR MC SRATC G

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