monopolistic questions

Can you answer these study questions as best as you can? If you are not sure, would you give a web site that I can go to for answers? 1-3. Monopolistic competition is similar to perfect competition in that: a. there are a large number of firms. b. firms earn economic profits in the long run. c. firms face downward-sloping demand curves d. both a and b. e. all of the above. 1-5. A monopolist will maximize profit by producing the level of output at which a. the firm's total revenue exceeds total cost by the largest amount. b. marginal revenue equals marginal cost. c. the last unit of output produced adds the same amo... click for more

output & profit

Please provide your answers to the study questions. If you are unsure, if you could provide a website or book for the information, this would be helpful. The next 3 questions refer to the following: Total cost schedule for a perfectly competitive firm: Output Total Cost 0 $ 10 1 60 2 80 3 110 4 165 5 245 1-14. If market price is $60, how many units of output will the firm produce? a. Zero units of output because the firm shuts down. b. 1 unit of output. c. 2 units of output. d. 3 units of output. e. none of the above. 1-15. If mark... click for more

Long run & short run costs

Can you help me with this study question? If you own a home remodeling company. You are currently earning short-run profits. This industry is an increasing-cost industry. What do you feel will happen in the long-run to your firm's cost of production & why. What about the price you can charge for your remodeling services and why? Lastly, to the profits in home-remodeling and why? Thank you.

Short run equilibrium & units of output

If the total cost schedule for a perfectly competitive firm is and if market price is $60, how many units of putput will the firm produce? a. 0 units of output because the firm shuts down b. 2 units of output c. 3 units of output d. 4 units of output e. none of the above Output Total Cost 0 $10 1 60 2 80 3 110 4 165 5 245 A firm is in the short run competitive equilibrium. The price of a substitute item increases a. The product price will rise b. New firms wil lenter the market c. Firms will begin earning economic profit d. a & b e. All of the above

Perfectly competitive market & perfect competition

In a perfectly competitive market a. a firm faces a perfectly elastic demand since there is no restriction of entry and exit b. if a firm raises its price, it will lose some but not all of its customers c. when a firm sells another unit of output, the addition to total revenue = the market price d. all of the above e. none of the above Our team believes it is A. but I feel it is D. because if a firm raises its prices, customers will buy some someone else. Can you give us your prospective on this? Also, which is NOT a condition of perfect competition? a. products made by rival firms are perfect substitutes b. any individual firm cannot affect market supply c. unrestricted ... click for more