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Author Question: The following diagram shows an industry which if organised competitively with thousands of firms ... (Read 49 times)

jlmhmf

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on: May 25, 2020
The following diagram shows an industry which if organised competitively with thousands of firms will have an industry marginal cost curve of MC1. If it is a monopoly, thanks to economies of scale, it will have the lower MC curve MC2.



Referring to the diagram, which one of the following is correct?
◦ The perfectly competitive price and output are P1 and Q1 and the monopoly price and output are P2 and Q2.
◦ The perfectly competitive price and output are P3 and Q3 and the monopoly price and output are P2 and Q2.
◦ The perfectly competitive price and output are P1 and Q1 and the monopoly price and output are P4 and Q2.
◦ The perfectly competitive price and output are P3 and Q3 and the monopoly price and output are P4 and Q2.
Essential Economics for Business ¦ Sloman, Jones ¦ 5th Edition
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Marked as best answer by jlmhmf on May 25, 2020

karmakat49

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Reply #1 on: May 25, 2020
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.
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jlmhmf

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Reply 2 on: May 25, 2020
Great answer, keep it coming :)

CAPTAINAMERICA

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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