1. Describe at least 4 characteristics of a monopolistically competitive firm. b. C. 2. Define Fixed...

Transcribed Image Text:

1. Describe at least 4 characteristics of a monopolistically competitive firm. b. C. 2. Define Fixed Cost and give an example of one for a business. d. 3. Define Variable Cost and give an example of one for a business. 4. 5. -TVC The Variable Costs are always (put in a number) when output (Q) is 0. TFC = 6. Complete the following table for a perfectly competitive firm. Price = $7 Q TR MR TC MC TFC TVC AFC AVC ATC Profit 012345678 -- $4 6 9 13 18 24 31 39 48 What is the profit maximizing level of output? 1. Describe at least 4 characteristics of a monopolistically competitive firm. b. C. 2. Define Fixed Cost and give an example of one for a business. d. 3. Define Variable Cost and give an example of one for a business. 4. 5. -TVC The Variable Costs are always (put in a number) when output (Q) is 0. TFC = 6. Complete the following table for a perfectly competitive firm. Price = $7 Q TR MR TC MC TFC TVC AFC AVC ATC Profit 012345678 -- $4 6 9 13 18 24 31 39 48 What is the profit maximizing level of output?