San Jacinto College

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QUESTIONS AND ANSWERS

QUESTIONS AND ANSWERS

opic 10 Monopoly Assignment 1 1. Which of the following suppliers is most likely to be a monopolist? A water company 2. Which of the following scenarios best represents the pricing behavior of a monopolist? Our Drugs Inc. produces where its marginal revenue is equal to its marginal cost and prices on its downward-sloping demand curve, such that the market for its product clears knowing it will not face competition due to patents it holds on its products. 3. The table below shows the dema...

1. The graphs shows the marginal cost (MC) and the average total cost (ATC) curves for a typical firm competing in the monopolistically competitive market for frozen foods. The long – run equilibrium would occur at an output level of _______ thousand cases and price would be ______ 4/6.5 2. In a monopolistically competitive market, the closer the substitutes are each other, the ________ elastic each firm’s demand curve will be. More 3. Monopolistically competitive markets: Combine c...