The market demand for a monopoly firm is estimated to be:Qd = 100,000 - 500P + 2M + 500PRwhere Qd is quantity demanded, P is price, M is income, and PR is the price of a related good. The manager has forecasted the values of M and PR will be $50,000 and $20, respectively, in 2016. The average variable cost function is estimated to beAVC = 520 - 0.03Q + 0.000001Q2Total fixed cost in 2016 is expected to be $4 million. The profit-maximizing price for 2016 is

In an economy where firms in most industries are monopolistically competitive firms, individual firms in each industry would produce ________ products and have a ________ share of industry output

A) differentiated; large B) differentiated; small C) standardized; large D) standardized; small

American automobile manufacturers and dealers appear to adjust the price (sticker prices plus financing charges) by periodically changing interest rates and by using rebates and surcharges as opposed to directly changing sticker prices

Assuming that they maximize their profits, this pricing approach may reflect A) a relatively low cost to adjust sticker prices. B) a relatively low cost to adjust advertising. C) a relatively high cost to adjust sticker prices. D) a relatively high cost of advertising.