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ECS1501-25-Y Topics 12 -15
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Monopolistically competitive firms produce differentiated products.
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Look at the figure below and then indicate whether the statement is True (T) or False (F):
The firm will produce at a price of R10.
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A firm's total revenue is equal to the total value of its sales, that is, price multiplied by the quantity sold.
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If a firm has a total revenue of R80 000 per annum and economic cost of R110 000, it earns an economic profit of R30 000.
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Suppose a perfectly competitive firm is currently producing an output level where the price is R5, the average variable cost is R3, the average (total) cost is R4 and the marginal cost is R4. In order to maximise profits, the firm should increase production.
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Monopoly and monopolistic competition are two different market structures.
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Under perfect competition, the rising part of a firm's marginal cost curve above the minimum average variable cost, represents the firm's supply curve.
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Under perfect competition, each firm sets the price of its product independently from other firms supplying the same product.
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Perfect competition represents a standard or norm against which the functioning of all other markets can be compared.
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If there is an increase in demand for the product being made by workers, what happens in the labour market?
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