Draw a graph that shows a monopolist earning a profit. Be sure your graph includes the monopolist’s demand, marginal revenue, average total cost, and marginal cost curves. Be sure to indicate the profit-maximizing level of output and price.

Draw the demand, marginal-revenue, average-total-cost, and marginal-cost curves for a monopolist. Show the profit-maximizing level of output, the profit-maximizing price, and the amount of profit.

Why are firms in an oligopoly less independent in setting prices than firms in monopolistic competition?

What are some of the different types of barriers to entry that give rise to monopoly power? Give an example of each.

A decreasing-cost industry is characterized by:

A. an upward-sloping long-run supply curve.

B. a downward-sloping long-run supply curve.

C. a perfectly elastic long-run supply curve.

D. perfectly elastic short-run and long-run supply curves.

E. a perfectly elastic short-run supply curve and an upward-sloping long-run supply curve

Based on market research, a film production company in Ectenia obtains the following information about the demand and production costs of its new DVD:

Demand: $P=1,000-10 Q$

Total Revenue: $T R=1,000 Q-10 Q^2$

Marginal Revenue: $M R=1,000-20 Q$

Marginal Cost: $M C=100+10 Q$

where $Q$ indicates the number of copies sold and $P$ is the price in Ectenian dollars.

Calculate the deadweight loss from monopoly.

Which of the following statements regarding monopolistic competition is not correct?

a. In the long-run equilibrium, firms earn zero economic profit.

b. In the long-run equilibrium, firms produce a quantity in excess of their efficient scale.

c. In the long-run equilibrium, price equals average total cost.

d. In the long-run equilibrium, firms charge a price above marginal cost.

True or false?

When a purely competitive industry is in long-run equilibrium, marginal cost is equal to total revenue.

All of the following statements apply to a purely competitive market in the long run, except:

A- In the long run, all inputs are variable in quantity.

B- Firms can expand their plant capacities in the long run.

C- Total fixed costs remain constant even when output expands in the long run.

D- Firms may enter or leave the industry in the long run.

Relate opportunity costs to why profits encourage entry into purely competitive industries and how losses encourage exit from purely competitive industries

Relate opportunity costs to why profits encourage entry into purely competitive industries and how losses encourage exit from purely competitive industries.

In the long run, the economic profits for a monopolistically competitive firm will be ___________:

A) slightly less than the profits of a monopolist.

B) slightly more than the profits of a purely competitive firm.

C) the same as the profits for a purely competitive firm.

D) the same as the profits for a monopolist.

The demand curve faced by a pure monopolist:

A. is more inelastic than that faced by a single purely competitive firm.

B. may be either more or less elastic than that faced by a single purely competitive firm.

C. has the same elasticity as that faced by a single purely competitive firm.

D. is more elastic than that faced by a single purely competitive firm

Despite Uber’s apparent success in launching in multiple markets, it continues to post quarterly losses in the millions and shareholders effectively subsidize 59 percent of every ride (https://www.reuters.com/article/us-uber-profitability/true-price-of-an-uber-ride-in-question-asinvestors-assess-firms-value-idUSKCN1B3103). How is this an outworking of Uber’s overall corporate culture?