Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Please all Which of the following is an example of a barrier to entry? O low market demand. O high fixed costs to enter a

Please all

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
Which of the following is an example of a barrier to entry? O low market demand. O high fixed costs to enter a market. O high labor costs. O differentiated products.In which types of markets to do firms have some control over the price charged to consumers? O monopoly and monopolistic competition O perfect competition and monopoly O monopoly only C perfect competition and monopolistic competition200 180 MC 160 140 ATC 120 100 40 20 MR D 2 4 6 8 10 12 14 16 18 20 22 24 quantity of output The figure shows demand, marginal revenue and cost curves for a manufacturer with a patent on the good it produces, making the firm the only supplier. After the patent expires and there are no other barriers to entry to this market, the market price will be approximately $140 $40 O $90200 180 MIC 160 140 ATC 120 100 80 60 40 20 MR D 8 10 12 14 16 18 20 22 24 quantity of output The figure shows demand, marginal revenue and cost curves for a manufacturer with a patent on the good it produces, making the firm the only supplier. At the profit maximizing output quantity, this firm earns _in profits. $1000 $400 O $1400 O -$600100 90 D 80 LATC 70 MR 60 2 4 6 8 10 12 14 16 18 20 22 24 jeans per hour The figure shows demand, marginal revenue and cost curves for a firm that produces designer jeans. There are many producers of jeans, each selling a differentiated product. This firm maximizes profits when it produces pairs per hour. O 18 12 16 O 10

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

1119563097, 9781119563099

Students also viewed these Economics questions