Economics > EXAM > West Valley High school, Fairbanks Alaska - ECON 233AP Micro Final Exam WITH COMPLETE ANSWERS (All)
West Valley High school, Fairbanks Alaska - ECON 233AP Micro Final Exam WITH COMPLETE ANSWERS
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AP Microeconomics Final Exam 1. Compare and contrast the behavior of a monopolist and a firm in a monopolistically competitive market. (50 points) A. Show a graphical analysis of each firm in the s... hort run. Explain the differences. (16 points) Monopolist: There is a single seller in the market selling differentiated products. There is no competition and they set their price where MR=MC. Monopolistically Competitive: Here there are many sellers and buyers selling slightly differentiated products. They set their price where MR=MC [Show More]
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