Fantastique Bikes is a company that manufactures bikes in a monopolistically competitive market. The following graph shows Fantastique's demand curve, marginal revenue curve (MR), marginal cost curve (MC), and average total cost curve (ATC).Place the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competitive company. Then, use the green rectangle (triangle symbols) to shade the area representing the company's profit or loss. Given the profit-maximizing choice of output and price, the shop is making(zero,positive,neative) profit, which means there are(an equal number of, fewer,more) shops in the industry relative to the long-run equilibrium. Now consider the long run in which bike manufacturers are free to enter and exit the market. Which of the following statements are true about both monopolistic competition and monopolies? Check all that apply.Firms are not price takers. Price is above marginal cost. Firms earn zero profit in the long run. Price equals average total cost in the long run. b My Questions | bartleby* MindTap - Cengage Learning XC Mays And McCovey Are Beer xO BlackBox Stocks - The MostBlack Box Stocks+A ng.cengage.com/static/nb/ui/evo/index.html?deploymentld=59828118170010561930692029148&elSBN=9780357133606&snapshotld=2556323&id=1270090892&E Apps M GmailW Maps A clickserve.dartsearc.E Reading listYouTube«* CENGAGEMINDTAPQ Search this courseLove vA My HomeHomework (Ch 16)Courses(?O Catalog and Study ToolsA-ZEE Rental OptionsP College Success TipsDemandCareer Success Tips? HelpO Give FeedbackDemandbongeQUANTITY (Bikes)10:30 AMP Type here to searchL76%62°FO O D 1)12/3/2021PRICE (Dollars per bike)x ... b My Questions | bartleby* MindTap - Cengage Learning XC Mays And McCovey Are Beer xO BlackBox Stocks - The MostBlack Box Stocksx +XA ng.cengage.com/static/nb/ui/evo/index.html?deploymentld=59828118170010561930692029148&elSBN=9780357133606&snapshotld=2556323&id=1270090892&E Apps M GmailYouTube A Maps A clickserve.dartsearc.E Reading list«* CENGAGE MINDTAPQ Search this courseLove vA My HomeHomework (Ch 16)CoursesO Catalog and Study ToolsA-ZEE Rental Options500450P College Success TipsMonopolistically Competitive Outcome400Career Success Tips350? HelpProfit or Loss300ATCO Give Feedback250200150100bongo50MCMRDemand+50100150200 250300350400450500QUANTITY (Bikes)Given the profit-maximizina choice of output and price, the shon is makinaprofit, which means there are10:28 AMP Type here to searchL74%62°FO O D 1)12/3/2021PRICE (Dollars per bike)x ...

The short-run profit-maximizing point is achieved at point where MR = MC. At this point, the price…

antastique Bikes is a company that manufactures bikes in a monopolistically competitive market. The following graph shows Fantastique's demand curve, marginal revenue curve (MR), marginal cost curve (MC), and average total cost curve (ATC). Place the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competitive company. Then, use the green rectangle (triangle symbols) to shade the area representing the company's profit or loss. Given the profit-maximizing choice of output and price, the shop is making(zero,positive,neative) profit, which means there are(an equal number of, fewer,more) shops in the industry relative to the long-run equilibrium. Now consider the long run in which bike manufacturers are free to enter and exit the market. Which of the following statements are true about both monopolistic competition and monopolies? Check all that apply. Firms are not price takers. Price is above marginal cost. Firms earn zero profit in the long run. Price equals average total cost in the long run.

antastique Bikes is a company that manufactures bikes in a monopolistically competitive market. The following graph shows Fantastique's demand curve, marginal revenue curve (MR), marginal cost curve (MC), and average total cost curve (ATC). Place the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competitive company. Then, use the green rectangle (triangle symbols) to shade the area representing the company's profit or loss. Given the profit-maximizing choice of output and price, the shop is making(zero,positive,neative) profit, which means there are(an equal number of, fewer,more) shops in the industry relative to the long-run equilibrium. Now consider the long run in which bike manufacturers are free to enter and exit the market. Which of the following statements are true about both monopolistic competition and monopolies? Check all that apply. Firms are not price takers. Price is above marginal cost. Firms earn zero profit in the long run. Price equals average total cost in the long run.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter31: Capital Markets

Section: Chapter Questions

Problem 14E

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