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Posted: **Tue May 10, 2022 6:56 am**

: 1 Answer The Following Questions On The Basis Of The Monopolist S Situation Illustrated In The Following Graph At What 1 (148.3 KiB) Viewed 20 times

: 1 Answer The Following Questions On The Basis Of The Monopolist S Situation Illustrated In The Following Graph At What 2 (263.73 KiB) Viewed 20 times

1) Answer the following questions on the basis of the monopolist's situation illustrated in the following graph At what output rate and price does the monopolist opere? b. In equilibrium, approximately what is the firm's total cost and total revenue c. What is the firm's economic profit or loss in equilibrium? Dolen Unt $10 ATC DAR 100 125 130 150 Quantity

2) (Monopolistic Competition and Perfect Competition Compared) Illustrated below are the marginal cost and average total cost curves for a small firm that is in long-run equilibrium. a. Locate the long-run equilibrium price and quantity if the firm is perfectly competitive. b. Label the price and quantity and qu. c. Draw in a demand and marginal revenue curve to illustrate long-run equilibrium if the firm is monopolistically competitive. Label the price and quantity pand 92 d. How do the monopolistically competitive firm's price and output compare to those of the perfectly competitive firm? e. How do long-run profits compare for the two types of firms? Dollars per Unit MC ATC Quantity