21 Jul WHAT CAN YOU CONCLUDE ABOUT THE STRUCTURE OF THE INDUSTRY IN WHICH THIS FIRM IS OPERATING?
Use the following demand schedule to determine total and marginal revenues for each possible level o Show more Use the following demand schedule to determine total and marginal revenues for each possible level of sales. Product Price Quantity Demanded Total Revenue Marginal Revenue $2 0 $ 2 1 $ 2 2 2 3 2 4 2 5 a. What can you conclude about the structure of the industry in which this firm is operating? The industry is purely monopolistic. The industry is purely oligopolistic. The industry is an example of monopolistic competition. The industry is purely competitive. c. Why do the demand marginal-revenue and average-revenue curves coincide? Demand is perfectly elastic; MR is constant and equal to P; AR always equals P. Demand is perfectly inelastic; MR is equal to P; AR is always equal to P. Demand is perfectly elastic; TR is equal to P AR is always equal to MR. TR is equal to supply; MR is equal to P; AR is always equal to MR. d. True or false: Marginal revenue is the change in total revenue associated with additional units of output. True because when output increases by 1 unit total revenue increases by $2. False because the slope of TR = $0.50/2 units. True because when output increases by 2 units total revenue increases by $1. False because the slope of TR = $1/2 units. Show less
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