Author Question: Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below ... (Read 208 times)

washai · **on:** Apr 19, 2019

Question 1

To maximize profit, a monopolistically competitive firm will produce where

◦ marginal revenue equals price.
◦ price equals marginal cost.
◦ price equals average total cost.
◦ marginal revenue equals marginal cost.

Question 2

Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm.

Refer to Figure 15.1. The profit-maximizing number of haircuts for Dom's Barber Shop is

◦ 20.
◦ 23.
◦ 25.
◦ 30.

strudel15 · **Reply #1 on:** Apr 19, 2019

A FREE account is required to view all solutions!

Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.

Answer Preview

Only 49% of students answer this correctly

washai · **Reply #2 on:** Apr 19, 2019

Thank you!

strudel15 · **Reply #3 on:** Apr 19, 2019

Always glad to help...

anshika · **Reply #4 on:** Apr 19, 2019

Question 1

Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm.

Refer to Figure 15.1. The profit-maximizing price for a haircut is

◦ $10.
◦ $12.
◦ $14.
◦ $16.

Question 2

Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm.

Refer to Figure 15.1. If Dom's Barber Shop is maximizing profit, it is earning a profit of

◦ $0.
◦ $80.
◦ $120.
◦ $320.

kingfahad97 · **Reply #5 on:** Apr 19, 2019

Answer 1

$16.

Answer 2

$80.

itsmyluck · **Reply #6 on:** Apr 19, 2019

Question 1

Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm.

Refer to Figure 15.1. If Dom's Barber Shop is maximizing profit, its total revenue equals

◦ $200.
◦ $320.
◦ $350.
◦ $360.

Question 2

Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm.

Refer to Figure 15.1. If Dom's Barber Shop is maximizing profit, its total costs are

◦ $200.
◦ $240.
◦ $350.
◦ $360.

lauravaras · **Reply #7 on:** Apr 19, 2019

Answer 1

$320.

Answer 2

$240.

itsmyluck · **Reply #8 on:** Apr 19, 2019

Excellent

lauravaras · **Reply #9 on:** Apr 19, 2019

Great! Please up vote

Melani1276 · **Reply #10 on:** Apr 19, 2019

Question 1

Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm.

Refer to Figure 15.1. From society's point of view, the efficient level of output is

◦ 20 haircuts.
◦ 23 haircuts.
◦ 25 haircuts.
◦ 30 haircuts.

Question 2

Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm.

Refer to Figure 15.1. In this industry, in the long run

◦ firms will continue to earn economic profits.
◦ firms will enter until all firms earn a normal profit.
◦ demand for the product will decrease so that profits are decreased.
◦ the government will impose price controls to eliminate any economic profits.

k2629 · **Reply #11 on:** Apr 19, 2019

Answer 1

25 haircuts.

Answer 2

firms will enter until all firms earn a normal profit.

V@ndy87 · **Reply #12 on:** Apr 19, 2019

Question 1

Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm.

Refer to Figure 15.1. The ________ number of haircuts for Dom's Barber Shop is 20.

◦ profit-maximizing number
◦ loss-minimizing number
◦ shutdown quantity
◦ break-even

Question 2

Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm.

Refer to Figure 15.1. The ________ haircut is $16.

◦ average total cost of a
◦ marginal cost of a
◦ profit from each
◦ profit-maximizing price for a

trog · **Reply #13 on:** Apr 19, 2019

Answer 1

profit-maximizing number

Answer 2

profit-maximizing price for a

V@ndy87 · **Reply #14 on:** Apr 19, 2019

Thanks

trog · **Reply #15 on:** Apr 19, 2019

Welcome

K@ · **Reply #16 on:** Apr 19, 2019

Question 1

Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm.

Refer to Figure 15.1. If Dom's maximizes profits, it ________ of $80.

◦ receives a total revenue
◦ earns a profit
◦ has a total cost
◦ suffers a loss

Question 2

Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm.

Refer to Figure 15.1. If Dom's maximizes profits, its ________ equals $320.

◦ total cost
◦ total revenue
◦ profit
◦ variable cost

briezy · **Reply #17 on:** Apr 19, 2019

Answer 1

earns a profit

Answer 2

total revenue

justinmsk · **Reply #18 on:** Apr 19, 2019

Question 1

Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm.

Refer to Figure 15.1. If Dom's maximizes profits, its ________ is $240.

◦ total revenue
◦ total cost
◦ profit
◦ marginal revenue

Question 2

Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm.

Refer to Figure 15.1. From society's point of view, the ________ level is 25 haircuts.

◦ minimum output
◦ monopoly output
◦ efficient output
◦ shut down