Based on the above graph, answer the following questions for a monopoly and a pe

Question

Based on the above graph, answer the following questions for a monopoly and a perfectly competitive firm. A. For the monopolist: i. Profit maximizing output = ii. ATC = iii. AR = iv. Price = v. Total Revenue = vi. Total Cost = vii. Profit = GE273: Week 8 Monopoly versus Perfect Competition Page 2 B. For the perfectly competitive firm: i. Profit maximizing output = ii. ATC = iii. AR = iv. Price = v. Total Revenue = vi. Total Cost = vii. Profit = C. Discuss the differences you observe in your answers above between the monopoly and perfectly competitive firm. Submission Requirements: Formulas and calculations must be shown along with the final correct answer.

Explanation / Answer

A monopoly is one company controlling a certain market, such as the post office. An oligopoly is a few companies controlling a certain market, such as the car industry or the oil industry... morever.. the main difference is that monopolies control a market where they are the only suppliers of a product. there are no substitutes or similar products. the oligopolies control a market where the products are almost exactly the same but not identical. i would classify Microsoft as a oligopolies now because there are other companies that have similar products. apple or oracle for example. i hope i remember this correctly i just took my final in microeconomics. i may have it backward though. good luck!

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