Consider the following information about a business Diane opened last year: pric

Question

Consider the following information about a business Diane opened last year: price = $10, quantity sold =25000; implicit cost $55,000; explicit cost = $160,000. What was Diane's economic profit $90,000 $195,000 -$35,000 $35,000 There is not enough information provided to answer this question. Refer to Exhibit 25-9. The number of sellers in a perfectly competitive market is [blank (A)], the number of sellers in a monopolistic competitive market is [blank (B)], and the number of sellers in an oligopoly is [blank (C)]. many; many; few few; few many few; many; many many; few, few Refer to Exhibit 25-9. The type of product sold in a perfectly competitive market is [blank (D)]. The type of product sold in a monopolistic competitive market is [blank (E)]. The type of product sold in an oligopoly is [blank (F)]. The type of product sold in a monopoly is [blank (G)]. homogeneous; differentiated; homogeneous or differentiated: unique unique; homogeneous or differentiated; differentiated; homogeneous differentiated; homogeneous; homogeneous or differentiated; unique homogeneous; homogeneous: differentiated; unique Refer to Exhibit 25-9. There barriers to entry in a perfectly competitive market. There barriers to entry in monopolistic competition. There barriers to entry in oligopoly. There barriers to entry in monopoly. [Your answers should till in blanks ill) (IV (J) and (K). respectively.] are: are; are no; are no are no; are no; are; are are no; are; are; are no are no; are; are; are

Explanation / Answer

No of Sellers Type of Product Barriers to Entry Perfect competition Many Homogeneous No Monopolistic Many Differentiated No Oligopoly Few Homogeneous or differentiated Yes Monopoly one Unique Yes

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.