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POM CUCI 1. Because of monopoly, consumers experience___than they do with perfect competition. A. more choices...

Question:


POM CUCI 1. Because of monopoly, consumers experience___than they do with perfect competition. A. more choices B. larger quan
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11. One framework used to analyse strategie choice the cit supply curve model. game theory, c. perfect competition D. risk as
2. Assume that the short-run cost and demand data given in the table below confronta monopolistic competitor selling a given
POM CUCI 1. Because of monopoly, consumers experience___than they do with perfect competition. A. more choices B. larger quantities C. higher quality D. higher prices 2. Which statement concerning monopoly is TRUE? A. Monopoly firms are always larger than are perfectly competitive firms. B. A monopoly has no rivals. C. Barriers to entry do not prevent other firms from entering a monopolized industry. D. Monopolists produce more output than does a competitive market with the same demand and cos structure. 3. If your farm had the only known source of a rare cocoa bean needed to make chocolate-covered peanuts, your monopoly would result from: A. control of a scarce resource or input. B. technological superiority. C. increasing returns to scale. D. government-set barriers. 4. The demand curve for a monopoly is: A. the MR curve above the AVC curve. B. the MR curve above the horizontal axis. C. the entire MR curve. D. above the MR curve. 5. The land you own has the only known source of aloe needed to make anti-itch lotion. In this case, your monopoly results from:
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11. One framework used to analyse strategie choice the cit supply curve model. game theory, c. perfect competition D. risk assessment 14. The effect of product differentiation is to A start a price war. 8. reduce prices to the noncooperative level C. reduce the intensity of competition among the firms in the oligopoly D. Increase the intensity of competition among the firms in the oligopoly li HHHHHHH LEAREHE ІННННННННІ HHHHHHH IMMULEHT 15. Because of the lack of substitutes, the market for a newly developed and freshly patented prescription drug is BEST considered to be in perfect competition B inmonopolistic competition C anoligopoly D. a monopoly $16 16. Many customers will walk right pasta diner that serves coffee and go to Starbucks, where they pay more for a cup of java. For these customers, coffee is differentiated by wyle. location quality B 20 Oligopoly a market structure characterized by A independence in decision making B. Interdependence each firm's decision affects the profit of the other ubstantisconomies of scale large ber of small 17. Afirm in monopolistic competition maximi i profit by pre A MC ATC C D CMCMR DMCP. Section 2 Numeric Response and Graphing Note: please show the process of your calculation or explain your answers 1 18. Which statement about advertising is TRUE? A There is no role for overthing in perfect competition Firms in monopolistic competition and oligopoly e vertising without the expectation of increasing profit c. Advertising has costs but few any benefits D. Advertising is critical in the long run but not the short run Table Demand for Economics Tutoring Use Table Demand for Economics Tutoring Suppose tri the only economies tutor in town and eneforholds a monopoly, Eric can offer additional hours of tutoring at a constant marginal cost of $2 per hour and he has no fixed cost (15 points) (a) Eric acts as a monopolist how many hours will he offer and what price will he charge? Calculate Erie's monopoly profit 19. Tables Spring Water. The table shows the demand and cost data for a firm in a monopolistically competitive industry producing drinking water from underground springs. The profitamining price is:
2. Assume that the short-run cost and demand data given in the table below confronta monopolistic competitor selling a given product and engaged in a given amount of product promotion Compute the marginal cost and marginal revenue of each unit of output and enter these figures in the table. (25 points) Total Marginal Quantity Output cost cost demande Price Marginal revenue $ 75 8 8 30 ja 8 795 (a) At what output level and at what price will the (b) What will be the total profit? Section 3-Short Answers Why are some rational consumers willing to pay more for a bottle of Advil than for a bottle of generic ibuprofen tablets, when ibuprofen is the active ingredient in Advil? (10 points) 2. Why is there emphasis on nonprice competition in oligopoly? (10 points)

Answers

1. D.

Higher prices. A monopolist maximizes profit at the intersection of MR and MC curves and extended to the demand curve, which is downward sloping.

In perfect competition, price is determined by the interaction of demand and supply. Individual firms cannot influence the price. They are price takers.

2.

B. A monopolist is the sole producer.

3. A. Control over natural resource.

4. D.

Above the MR Curve as the demand is downward sloping and a monopolist can sell more output only by lowering the price.

5. D. Ownership of scarce resources.

.

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