Assume a firm in a monopolistically competitive market is earning a supernormal profit. What would you expect to happen to the demand curve and profits respectively?

Assume a firm in a monopolistically competitive market is earning a loss. What would you expect to happen to the demand curve and profits respectively?

Which industry or industries below might operate in a monopolistically competitive market?

Which of the numbers below best reflects the expect number of sellers in an oligopoly?

Two players are playing a game involving selecting a bag simulatenously. If both players select the red bag, they each receive $5. If both players select the green bag, player 1 receives $0, and player 2 receives $7. if player 1 selects the red bag and player 2 selects the green bag, player 1 receives $2, and player 2 receives $9. If player 1 selects the green bag, and player 2 selects the red bag, player 1 receives $3 and player 2 receives $1. Which of the following represents player 1's strategy and player 2's strategy respectively?

Two players are playing a game involving selecting a bag simulatenously. If both players select the red bag, they each receive $5. If both players select the green bag, player 1 receives $0, and player 2 receives $7. if player 1 selects the red bag and player 2 selects the green bag, player 1 receives $2, and player 2 receives $9. If player 1 selects the green bag, and player 2 selects the red bag, player 1 receives $3 and player 2 receives $1. What will be player 1's and player 2's payout respectively?

Two firms are competing against each other in an oligopoly. Both are deciding whether to build a big factory or a small factory. Firm A will decide first and Firm B will decide second. If they both build a big factory, Firm A receives $5, and Firm B receives $10. If Firm A builds a big factory and Firm B builds a small factory, Firm A receives $3, and firm B receives $7. If Firm A builds a small factory and Firm B builds a large factory, Firm A receives $4, and Firm B receives $9. If they both build a small factory, Firm A receives $6 and Firm B receives $8. What will be the payouts for Firm A and Firm B respectively?

Which of the following describes the elasticity of the demand curve faced by an oligopolist?

The table below shows how many units of product a firm can produce at various levels of labor. Assuming the product can be sold for $5 and the hourly wage is $20, how many hours of labor will the firm use? Hours of Labor / Total Product 0 0 1 10 2 18 3 24 4 30 5 35 6 38

A firm is using both labor and capital to produce. The current price of capital is $10/hr and the current price of labor is $30/hr. If currently each machine is producing 100 units per hours and each human is producing 300 units per hour, what should this firm do to increase efficiency?