1- Continuum of Market Structures LEARNING OBJECTIVE: Differentiate markets based on characteristics involving concentration, power, and structure. An example of a market in the United States with a high concentration ratio is the ( a.) beef market O b.) corn market ( c.) wheat market ( d.) breakfast cereal market SUBMIT MY ANSWER Report on issue with this question Clear O Search2 - Perfect Competition LEARNING OBJECTIVE: Describe how the assumptions of the perfectly competitive market influence buyer and seller behavior. The product produced by all firms in a perfectly competitive firm must be ( a.) differentiated b.) identical ( c.) similar, but not identical ( d.) unique SUBMIT MY ANSWER Pe ide the Report on issue with this question A m SearchConsider the diagram below. At a selling price of $12 per unit, how much profit or loss is this perfectly competitive firm experiencing, and should they continue to produce or shut down temporarily? Price ATC (in dollars) MC AVC $12 MR $10 $4 9250 9500 Quantity of Output 4.) Economic profit of $1,100; continue to produce b.) Economic profit of $5,500; continue to produce c.) Economic profit of $6,600; continue to produce ( d.) Loss of -$1,000, shut down 61-F Clear O Search4 - Imperfect Markets: Monopoly LEARNING OBJECTIVE: Describe how the assumptions of the monopoly market influence buyer and seller behavior. Because there is only one seller or dominant supplier in a monopoly market, firms are a.) price acceptors b.) price differentiators ( ) price takers (d.) price setters SUBMIT MY ANSWER Report an issue with this question O SearchUNIT 3 - CHALLENGE 1: Market Structures What quantity (Q) will the profit-me (P) will they charge, an how much will their pro Price (in thousands ATO of dollars) S - MC $10 $9 $8 ATC $7 AVC $6 MR = MC $5 $4 AVC $3 Firm Demand $2 6 8 10 12 Quantity of Market - Firm Output 5.J Q = B units P= $3.000 Profit = $24,000 b.) Q = 8 units P= $5,000 Profit = $40,000