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Author Question: Departures from Perfect CompetitionThe graph shows the demand curve (D), marginal revenue curve (MR) ... (Read 212 times)

kmoyer2

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Departures from Perfect Competition

The graph shows the demand curve (D), marginal revenue curve (MR) and marginal cost curve (MC) for a perfectly competitive industry. In the short run and long run, marginal cost equals average total cost (ATC).



Assume that P1=$7.75, P2=$11.75, P3=$16.25, Q1=1200, Q2=2200, Q3=2950, and Q4=4400. Suppose you buy all the firms in the industry and combine them to form a single-firm monopoly that is protected from entry by patent. The price of the good ________ (increases/decreases) by ________. The quantity of the good ________ (increases/decreases) by.
◦ decreases, $4.00, decreases, 1750
◦ increases, $4.00, decreases, 1750
◦ increases, $11.75, increases, 1200
◦ decreases, $11.75, increases, 1200


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Marked as best answer by kmoyer2 on Nov 23, 2022

Sha

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kmoyer2

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Reply 2 on: Nov 23, 2022
YES! Correct, THANKS for helping me on my review


Hdosisshsbshs

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Reply 3 on: Yesterday
Excellent

 

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