| Monopolistic Competition ｡◕‿◕｡ | Perfect competition Ｏ(≧∇≦)Ｏ | Monopoly ヽ(*≧ω≦)ﾉ | Oligopoly (⊙ヮ⊙) | EXTRA!!!!! (=ﾟωﾟ)ﾉ |
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What is the price at MC=MR
For a monopolistically competitive firm in the long-run, at what point is ATC tangent to
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What is where its marginal cost equals its marginal revenue
Where does a perfectly competitive firm always produce
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What is where average total cost equals demand?
How a monopolist determines the quantity it wants to produce if it wants to be productively efficient.
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What is Nash Equilibrium
Point at which two companies pick their dominant strategy no matter what.
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What is a market that is comprised of firms
The difference between a market and a firm.
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What is differentiated
What type of products does a monopolistically competitive firm have to offer
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What is P=ATC
At which point does the perfectly competitive firm operate at zero economic profit
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What are barriers to entry?
The fundamental cause of a monopoly
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What is an oligopoly is a market structure with few firms and thus with greater market control than monopolistically competitive firms.
Company A is monopolistically competitive. Company B is an oligopoly. Name a difference between the two.
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What is produced where the marginal revenue equals zero.
How a monopolist can maximize its total surplus.
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What is zero
How much profit is a monopolistically competitive firm making in the long-run
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What are sunk costs
Irrelevant costs that have already been committed and can’t be recovered.
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What is a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms.
A natural monopoly is
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What is Blue Water Marina at $5,000
The only two marinas in town are trying to decide if they should decrease or increase their advertising. The payoff matrix above shows their potential profits. What would be the Nash Equilibrium outcome in this situation? http://tinyurl.com/ofy8l3q
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What are perfectly competitive markets and monopolies?
Markets that do not exist in the world.
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What is product differentiation
Why does a monopolistically competitive firm have a downward sloping demand curve
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What is firms will exit the market and the price will increase
If a firm in a perfectly competitive market is experiencing an economic loss, what will happen
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What are patent and copyright laws?
How the government creates a monopoly.
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What is an illegal agreement between companies to maximize profits?
Define collusion
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What are diminishing marginal returns?
Why the marginal cost curve is U-shaped?
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What is MC=MR
What is the point at which monopolistically competitive firms maximize profit
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What is other firms will enter the market
If a firm in a perfectly competitive market is experiencing an average revenue that is greater than its average cost, what will happen?
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what is It produces where marginal cost is equal to demand.
When a monopolist perfectly price discriminates, how it determines the quantity it produces.
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http://tinyurl.com/o4r5f7g What is because there are many points for profit maximization.
Draw the graph for an oligopoly and explain why the MR breaks off.
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What is 42?
The answer to life, the universe, and everything.
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