Question 12 frazeesen nodwelling lamasb S ol iswens legit way 1 pts Consider 2 identical firms that face the same costs of production. One firm operates in a perfectly competitive market while the other firm operates in a monopolistically competitive market; both markets have the same total demand for a good. Which of the following statements apply are true, or apply to both types of firms? [Tick all that apply] [Reminder: selecting wrong answers means you lose points. Choose carefully!] ) In the short run, both firms supply the same profit-maximising quantity. nom s 19bianoo D.bhamab s rlliw () Both firms face a downward-sloping demand curve for their good. song or al =1 bno Both firms expect to earn zero economic profits in the long run. sups 1303 opsisva bra ) Both firms are price-takers. (brofly Srollsnighoarby eong sepeb-bill asoflang If the firm makes positive economic profits, new firms will enter the market which drives profits down to zero. O If there are economic profits, new firms enter the market leading to a decrease in demand for the existing firms.O each firm minimises the cost per unit in the long run O firms can make positive profits in the long run O there is always too much entry from a welfare perspective, because costs are not wirt minimised in the long run chill ent bells Bavon O there is always too little entry in the long run, from a welfare perspective rosa Jeshem O firms supply a quantity at a price equal to marginal cost rIT .08 - 101 = 4:priwollot O none of the above Basilajug al elqueg awolls dart eal qulensdmom a taeshlaud 589 052 veril as alotof video viliam es searing rise yard dairivenefis\fQuestion 7 1 pts och ochmopb ) Which of the following statements is true? sendsoph a. A monopolist using second-degree price discrimination does not have to be able to distinguish the type of customer they are selling to. O b. Under second-degree price discrimination the monopolist does not have to worry about arbitrage. e-noliseup O c. Under first-degree price discrimination the monopolist must know each consumer's willingness to pay. O d. Under third-degree price discrimination, the monopolist does not need to know each consumer's willingness to pay but it needs to know the total demand curve for each group of customers it wants to charge a different price to. WenB phat O a and c are correct. O All of the other statements are true. merit il nerit By debig carmoni of Jugg Lingby ga