Question5 When comparing a monopoly and a perfectly competitive market where the

Question

Question5 When comparing a monopoly and a perfectly competitive market where the costs are the same, the monopoly will produce a (greater/lower /same) quantity c greater lower same Nina's Custom TeesTR MR Total Cost Marginal Cost 46 43 40 37 34 $10 $30 $60 $100 $150 Question6 Suppose Nina is a monopolist who faces the following demand and costs schedules. What is the marginal revenue of the 3rd t shirt? C $40 C $34 C $30 C $3 C None of the above Question7 Suppose Nina is a monopolist who faces the following demand and cost schedules. What price will Nina charge for her t-shirts? (Enter the amount without a dollar sign.)

Explanation / Answer

Q5
Answer
Lower
because
the perfectly competitive firm produces at P=MC
and monopoly produces at MC=MR
MR slopes double than demand in monopoly market so the MC=MR cuts lower quantity and MC=P cuts at higher quantity

Q6
Answer
MR of n-th unit=TR of n unit - TR of n-1 units
=40-43=-3
The NR of 3rd T-shirt is $-3
Option last none of the above.

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