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there is too much product differentiation making shelves too crowded. the firms do not produce at the minimum of the average total cost curve and price is above marginal cost. they end up producing to the right of the minimum of the average total cost curve and the price is below the marginal cost. the firms do not equate marginal cost to marginal revenue to find the profit maximizing price and output.

Explanation / Answer

1 the firms do not produce at the minimum of the average total cost curve and price is above marginal cost.

2 that both assume many buyers and sellers.

4. where marginal cost equals marginal revenue.

5. firms will not cooperate to set a pure monopoly price.

6. first decrease and then increase as quantity increases.

8. either competitor can make profits, losses, or break even in the short run

9. first decrease and then increase as quantity increases.

10. profits are greater than zero and the average total cost curve is tangent to the demand curve.

11. some firms exit the industry, causing the demand curves for the remaining firms to shift to the right until they make a normal profit.

12. advertising that permits a consumer to follow up directly by searching for more information and placing direct product orders.

13. zero, positive or negative profits.

16. that an individual must consume before the quality can be established.

18. more elastic than for a monopoly firm.

19 NONE OF THE ABOVE

20. Profits will tend towards zero since positive profits will attract new firms into the industry.

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