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24. The demand curve in a perfectly competitive firm is ________; while the demand curve for a monopoly is ________.
Advertising, product promotion, and changes in the real or perceived characteristics of a product.
In the price range where marginal revenue is positive.
Perfectly elastic; down sloping
Marginal revenue equals marginal cost and price equals average total cost.
Amount by which actual production falls short of the minimum ATC output.
Of product differentiation and consequent advertising activities.
Close down because, by producing, your losses will exceed your total variable costs.
Supply
The pure monopolist's demand curve is relatively elastic:
Advertising, product promotion, and changes in the real or perceived characteristics of a product.
In the price range where marginal revenue is positive.
Perfectly elastic; down sloping
Marginal revenue equals marginal cost and price equals average total cost.
Amount by which actual production falls short of the minimum ATC output.
Of product differentiation and consequent advertising activities.
Close down because, by producing, your losses will exceed your total variable costs.
Supply
Excess capacity refers to the:
Advertising, product promotion, and changes in the real or perceived characteristics of a product.
In the price range where marginal revenue is positive.
Perfectly elastic; down sloping
Marginal revenue equals marginal cost and price equals average total cost.
Amount by which actual production falls short of the minimum ATC output.
Of product differentiation and consequent advertising activities.
Close down because, by producing, your losses will exceed your total variable costs.
Supply
Non-price competition refers to:
Advertising, product promotion, and changes in the real or perceived characteristics of a product.
In the price range where marginal revenue is positive.
Perfectly elastic; down sloping
Marginal revenue equals marginal cost and price equals average total cost.
Amount by which actual production falls short of the minimum ATC output.
Of product differentiation and consequent advertising activities.
Close down because, by producing, your losses will exceed your total variable costs.
Supply
Economic analysis of a monopolistically competitive industry is more complicated than that of pure competition because:
Advertising, product promotion, and changes in the real or perceived characteristics of a product.
In the price range where marginal revenue is positive.
Perfectly elastic; down sloping
Marginal revenue equals marginal cost and price equals average total cost.
Amount by which actual production falls short of the minimum ATC output.
Of product differentiation and consequent advertising activities.
Close down because, by producing, your losses will exceed your total variable costs.
Supply
3. The marginal cost curve for a firm is representative of which curve for an industry?
Advertising, product promotion, and changes in the real or perceived characteristics of a product.
In the price range where marginal revenue is positive.
Perfectly elastic; down sloping
Marginal revenue equals marginal cost and price equals average total cost.
Amount by which actual production falls short of the minimum ATC output.
Of product differentiation and consequent advertising activities.
Close down because, by producing, your losses will exceed your total variable costs.
Supply
20. Suppose you find that the price of your product is less than minimum AVC. You should:
Advertising, product promotion, and changes in the real or perceived characteristics of a product.
In the price range where marginal revenue is positive.
Perfectly elastic; down sloping
Marginal revenue equals marginal cost and price equals average total cost.
Amount by which actual production falls short of the minimum ATC output.
Of product differentiation and consequent advertising activities.
Close down because, by producing, your losses will exceed your total variable costs.
Supply
When a monopolistically competitive firm is in long-run equilibrium:
Advertising, product promotion, and changes in the real or perceived characteristics of a product.
In the price range where marginal revenue is positive.
Perfectly elastic; down sloping
Marginal revenue equals marginal cost and price equals average total cost.
Amount by which actual production falls short of the minimum ATC output.
Of product differentiation and consequent advertising activities.
Close down because, by producing, your losses will exceed your total variable costs.
Supply
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