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The demand curve for a monopolist differs from the demand curve faced by a competitive firm?
The pure monopolist's market situation differs from that of a competitive firm in that the monopolist's demand curve is downsloping, causing the marginal-revenue curve to lie below the demand curve. Like the competitive seller, the pure monopolist will maximize profit by equating marginal revenue and marginal cost. Barriers to entry may permit a monopolist to acquire economic profit even in the long run.
The nondiscriminating pure monopolist's demand curve is the industry demand curve.?
yes
How does the elasticity of the monopolistic competitor's demand curve compare to that of a pure competitor or a pure monopolist?
A monopolistic competitor's demand curve is less elastic than apure competitor's which is less elastic than a pure monopolist's.
What does the supply curve of a pure monopolist form look like?
The supply curve of a pure monopolist is not well-defined like that of a competitive firm because a monopolist sets prices based on demand rather than producing a specific quantity at a given price. Instead of a typical upward-sloping supply curve, a monopolist determines the quantity to produce by equating marginal cost with marginal revenue, and then uses the demand curve to set the price. Consequently, the monopolist's pricing and output decisions are influenced by the market demand, leading to a downward-sloping demand curve rather than a distinct supply curve.
Is it true the demand curve of a monopolistic competitive firm is more elastic than that of a pure monopolist?
YES
The demand curve for a monopolist differs from the demand curve faced by a competitive firm?
The pure monopolist's market situation differs from that of a competitive firm in that the monopolist's demand curve is downsloping, causing the marginal-revenue curve to lie below the demand curve. Like the competitive seller, the pure monopolist will maximize profit by equating marginal revenue and marginal cost. Barriers to entry may permit a monopolist to acquire economic profit even in the long run.
The nondiscriminating pure monopolist's demand curve is the industry demand curve.?
yes
How does the elasticity of the monopolistic competitor's demand curve compare to that of a pure competitor or a pure monopolist?
A monopolistic competitor's demand curve is less elastic than apure competitor's which is less elastic than a pure monopolist's.
What does the supply curve of a pure monopolist form look like?
The supply curve of a pure monopolist is not well-defined like that of a competitive firm because a monopolist sets prices based on demand rather than producing a specific quantity at a given price. Instead of a typical upward-sloping supply curve, a monopolist determines the quantity to produce by equating marginal cost with marginal revenue, and then uses the demand curve to set the price. Consequently, the monopolist's pricing and output decisions are influenced by the market demand, leading to a downward-sloping demand curve rather than a distinct supply curve.
Is it true the demand curve of a monopolistic competitive firm is more elastic than that of a pure monopolist?
YES
What is the distinctive feature of the demand curve of a firm in pure competition?
The demand curve would be perfectly elastic.
What are 4 characteristics of of pure competition?
the industry's demand curve is perfectly elastic
A pure-monopoly firm's demand curve is also the market demand curve This kind of firm may successfully engage in price discrimination to increase its total profit if it?
segregates its market into clearly definable groups of consumers with different elasticity of demand, and prevents buyers in one market segment from reselling to buyers in another market segment
In the long run a pure monopolist will maximize profits by producing that output at which marginal cost is equal to?
marginal revenue
In the long-run a pure monopolist will maximize profits by producing that output at which marginal cost is equal to?
marginal revenue
What is A pure monopolist?
A pure monopolist is a market structure in which a single firm dominates the industry and has significant control over the market supply and pricing. This firm is the sole provider of a particular product or service, facing no competition and having the ability to set prices at higher levels without losing customers.
In a pure monopoly will the seller charge more than the equilibrium price?
In a pure monopoly, the seller typically charges more than the equilibrium price that would exist in a competitive market. This is because the monopolist has market power and can set prices above marginal cost to maximize profits, leading to higher prices for consumers. Unlike in competitive markets, where prices are driven by supply and demand interactions, a monopolist restricts output to create scarcity and maintain higher prices. Thus, the price is generally above the equilibrium level found in a perfectly competitive market.
