Refer to the information provided in Figure 15.4 below to answer ...

[rachel9]

Question 1

Refer to the information provided in Figure 15.3 below to answer the question(s) that follow. 












Refer to Figure 15.3. In the short run, this company is ________, and in the long run, it should expect to ________.

◦ suffering a loss; break even
◦ breaking even; break even
◦ making a profit; break even
◦ suffering a loss; shut down

Question 2

Refer to the information provided in Figure 15.4 below to answer the question(s) that follow. 












Refer to Figure 15.4. Assume The Hand Made Shirt Shop has fixed costs of $150 and is a monopolistically competitive firm. To maximize profits in the short run, this firm should produce ________ personalized sweatshirts.

◦ 0
◦ 50
◦ 70
◦ 75

[fromAlphatoOmega22]

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[sjones]

Question 1

Refer to the information provided in Figure 15.4 below to answer the question(s) that follow. 












Refer to Figure 15.4. Assume The Hand Made Shirt Shop has fixed costs of $150 and is a monopolistically competitive firm. To maximize profits in the short run, this firm should set a price of

◦ $18.
◦ $22.
◦ $23.
◦ $25.

Question 2

Refer to the information provided in Figure 15.4 below to answer the question(s) that follow. 












Refer to Figure 15.4. Assume The Hand Made Shirt Shop has fixed costs of $150 and is a monopolistically competitive firm. If this firm is producing the profit-maximizing level of output and selling it at the profit-maximizing price, the firm's profit is

◦ -$250.
◦ -$150.
◦ -$100.
◦ -$50.

[xiaomengxian]

Answer 1

$23.

Answer 2

-$100.

[sjones]

TY

[xiaomengxian]

You're welcome

[BrownTown3]

Question 1

Refer to the information provided in Figure 15.4 below to answer the question(s) that follow. 












Refer to Figure 15.4. Assume The Hand Made Shirt Shop has fixed costs of $75 and is a monopolistically competitive firm. If this firm is attempting to maximize profits, the firm's profit is

◦ -$175.
◦ -$100.
◦ -$75.
◦ $0.

Question 2

Refer to the information provided in Figure 15.4 below to answer the question(s) that follow. 












Refer to Figure 15.4. In the long run, in this monopolistically competitive industry

◦ some firms will leave the industry until the remaining firms earn a normal profit.
◦ firms will leave the industry until each firm earns a positive economic profit.
◦ firms will enter the industry, which will increase the demand for the product.
◦ the government will subsidize the firms to eliminate any losses the firms incur.

[Briannahope]

Answer 1

-$75.

Answer 2

some firms will leave the industry until the remaining firms earn a normal profit.

[2125004343]

Question 1

Refer to the information provided in Figure 15.4 below to answer the question(s) that follow. 












Refer to Figure 15.4. If the Hand Made Shirt Shop is monopolistically competitive, what is the maximum level of fixed cost that would lead to the firm continuing to operate in the short run?

◦ $100
◦ $1150
◦ $1250
◦ The firm would continue to operate regardless of the level of fixed costs.

Question 2

Refer to the information provided in Figure 15.4 below to answer the question(s) that follow. 












Refer to Figure 15.4. Assume The Hand Made Shirt Shop has fixed costs of $150 and is a monopolistically competitive firm. If the firm produces 50 personalized sweatshirts in the short run, it will

◦ minimize profits.
◦ minimize losses.
◦ break even.
◦ not cover any of its costs.

[jonathanballen97]

Answer 1

$100

Answer 2

minimize losses.