Question
The following table lists six independent scenaraios for six different firms, each of which is either a momopolist or perfectly competitive. For each row, fill
The following table lists six independent scenaraios for six different firms, each of which is either a momopolist or perfectly competitive. For each row, fill out the missing information and indicate, if not already indicated, whether the firm is a momopoly or a competitive firm. There are no avoidable fixed costs. "Min" means the cost curve is at its minimum point. Assume the firm in each row is maximizing its profit.
(NOTE: for Market Structure, enter the answer in small letters rather than with capitals. For example, writecompetitiverather thanCompetitive).)
Market Structure | Price | Quantity | Cost | Variable Cost | Marginal Cost | Average Cost | Average Variable Cost | Average Fixed Cost | Marginal Revenue | Profit |
---|---|---|---|---|---|---|---|---|---|---|
Monopoly | 10 | 64 | 3 | 2 | 6 | |||||
Competitive | 9 | 4 | 2 | 9 | ||||||
17 | 10 | 10 | 5 | -17 | ||||||
12 | min | 0 | 3 | 0 | ||||||
Competitive | 20 | 15 | 4 | 5 | 30 | |||||
9 | 72 | 8 | min | 2 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started