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These answers are not correct, I dont know if they are correct or not, I mostly guessed them. please give me the right ones. please
These answers are not correct, I dont know if they are correct or not, I mostly guessed them. please give me the right ones. please check my other questions.
The Restaurant Market shows curves facing a typical restaurant in a community. Assume that many firms, differentiated products, and easy entry and easy exit characterize the restaurant market. For the restaurant shown here, the profit-maximizing price is: Not enough information is given to answer the question. The broccoli market is perfectly competitive. This means that the price of broccoli is than the price would be if the market were monopolistically competitive, and broccoli output is than if it were monopolistically competitive. The restaurant industry is characterized by excess capacity. This means that: restaurants are producing more than their profit-maximizing level. the restaurants are producing less than their profit-maximizing level. the profit-maximizing level is less than the level that minimizes average total costs. the quantity of restaurant meals supplied exceeds the quantity of restaurant meals demanded. Monopolistic competition is different from perfect competition because in monopolistic competition: to maximize profits, a firm will produce where MR = MC. there are many firms. products are differentiated. firms experience easy entry and exit. A monopolistic competitor is likely to engage in advertising to: create a greater perception of product differentiation in the minds of potential consumers. create a greater perception of product differentiation in the minds of potential consumers, shift the demand curve for its product rightward, and convey inform about the product it is offering for sale. shift the demand curve for its product rightward. convey information about the product it is offering for sale. Which of the following is true? Advertising has costs but few, if any, benefits. Firms in monopolistic competition and oligopoly use advertising in expectation of increasing profit. There is no role for advertising in perfect competition. There is no role for advertising in perfect competition, and firms in monopolistic competition and oligopoly use advertising in expectation of increasing profitStep by Step Solution
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