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Quantity of Output Price Total Cost Average Total Cost Total Revenue Profits 1 2 3 4 7.8 6.4 5.7Question 1 21 pts Suppose that a monopolistically competitive rm must build a production facility in order to produce a product. The xed cost of this facility is FC = $24. Also, the rm has constant marginal cost, MC = $3. Demand for the product that the rm produces is given by P = 27-3Q. Calculate the missing values in the following table below. Missing values are denoted by a number inside a bracket [X]. Some numbers have been lled in for you. Place your answers in the corresponding numbered elds below the table. Hint: All answers that you ll in will be integers (no decimals). Be sure to just type the numbers and do not type in dollar signs. If you enter negative numbers, be sure to include a minus sign H to the left of the number. Question 2 2 pts Enter just a number to answer this problem. How many units of output will the firm produce if maximizes its profit? Question 3 2 pts Enter just a number to answer this problem. What price should this firm charge if it wants to maximize its profit? Question 4 2 pts Monopolistic competition differs from perfect competition primarily because in monopolistic competition, O firms can differentiate their products. O entry into the industry is blocked. there are relatively few barriers to entry.Question 5 2 pts The demand facing a monopolistically competitive firm is - a monopoly firm and. - a perfectly competitive firm. as elastic as; less elastic than less elastic than; more elastic than more elastic than; less elastic than O more elastic than; as elastic as Question 6 2 pts If firms in a monopolistically competitive industry are earning economic profits, then in the long run these firms can continue earning economic profits because entry into the industry is blocked. new firms producing close substitutes will enter the industry and this entry will continue until economic profits are eliminated. new firms producing the exact same product will enter the industry and this entry will continue until economic profits are eliminated. O the government will most likely regulate firms in this industry to reduce these economic profits. Question 7 2 pts For a monopolistically competitive firm in long-run equilibrium, O the demand curve must intersect the average total cost curve at the ATC curve minimum. the demand curve must be tangent to the average total cost curve at the ATC curve minimum. at the profit-maximizing quantity, the demand curve must intersect the average total cost curve. O at the profit-maximizing quantity, the demand curve must be tangent to the average total cost curve.Question 8 2 pts We know that monopolistically competitive firms prevent the efficient use of resources because they produce where O P > ATC. O P > MC. O MR > P. O P = MC. Question 9 2 pts When monopolistically competitive firms earn economic profits, other firms an industry in the long run. positive; enter zero; enter negative; enter zero; exit Question 10 2 pts Firms will a monopolistically competitive market until are eliminated. enter; losses enter; profits exit; short run profits O exit; long run profits
