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EQ #10 – AGEC 105 – October 31, 2011

P $3.25 $3.00 $2.75. MC. MR. D. 3200 3400 3500 Q. EQ #10 – AGEC 105 – October 31, 2011. This graph pertains to a firm labeled as a monopolistic competitor.

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EQ #10 – AGEC 105 – October 31, 2011

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  1. P $3.25 $3.00 $2.75 MC MR D 3200 3400 3500 Q EQ #10 – AGEC 105 – October 31, 2011 This graph pertains to a firm labeled as a monopolistic competitor. (1pt) 1. If the demand curve were to intersect the quantity axis, the quantity demanded would be equal to __7,000_______ units. (1pt) 2. Which of the following is (are) true about monopolistic competition? List all that apply. (a), (c) (a) There is product differentiation. (b) There are few sellers. (c) The food retailing industry is an example of this market structure. (d) No firm can influence market prices. (2pts) 3. According to the graph, how much should this monopolistic competitor produce and what should be the price charged? Q=3200; P=$3.25

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