1. (Short-Run Profit Maximization) A monopolistically competitive firm faces the following demand and cost structure in the short run:
Output Price FC VC TC TR Profit/Loss
a.Complete the table.
b.What is the highest profit or lowest loss available to this firm?
c.Should this firm operate or shut down in the short run? Why?
d.What is the relationship between marginal revenue and marginal cost as the firm increases output?
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 p1 and q1.
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 p2 and q2.
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?
4. (Oligopoly Power) What are three sources of oligopolies?
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