Quiz: Econ 201, Fall 2021, Exam # X Course Hero * *Course Hero x C Douglas Had A Full-time Job As / x |Homework Help - Q&A from On x | + V X A sbccd.instructure.com/courses/31959/quizzes/187263/take Q D all 2021 Question 10 20 pts Home The graph below show the cost curves and demand for Thneeds (a fine thing all people need), a newly patented item with no close substitute. Announcements Modules $16 Discussions MC $14 Grades NetTutor SBVC Student Resources ATC Price Per Thneeds MR 6 8 9 10 11 12 18 14 Quantity of Thneeds (a) If this monopolists wants to maximize profits, how many thneeds should they produce? |5 (enter your answer without any units, simply put the number) (b) What price will the monopolist charge to maximize profits? $ 9 (for parts b-d, do not enter a dollar sign, simply put the number) (c) At the profit maximizing output, what is the monopolists total revenue? $ 30 (d) How much profit will this monopolist make at the profit maximizing output? $ D Question 11 10 pts The zero-profit condition is assumed for the long run equilibrium under monopolistic competition, all things equal. So explain why it is possible for firms under monopolistic competition to escape the zero-profit condition while it is much less likely under perfect competition. Edit View Insert Format Tools Table 12pty Paragraph ~ B T U A 2 Type here to search 69 F Sunny ~ ENG G 11:52 AM 11/5/2021