Imperfect Competition Graph Review
Use the graphs on the following pages to answer each of the questions.
1. Market type:
How do you know?
Short-run or long-run?
Profit-maximizing output:
Profit-maximizing price:
Economic profit/loss (what are the 4 letters of the rectangle?):
Economic profit/loss (abnormal (economic), normal, or loss?):
Is it allocatively & productively efficient at the profit-maximizing point?
Point of allocative efficiency?
Point of productive efficiency?
2. Market type:
How do you know?
Short-run or long-run?
Profit-maximizing output:
Profit-maximizing price:
Economic profit/loss (total amount?):
Economic profit/loss (abnormal (economic), normal, or loss?):
Is it allocatively & productively efficient at the profit-maximizing point?
Quantity where allocative efficiency is achieved?
Quantity where productive efficiency is achieved?
3. Market type:
How do you know?
Short-run or long-run?
Profit-maximizing output:
Profit-maximizing price:
Economic profit/loss (what are the 4 letters of the rectangle?):
Economic profit/loss (abnormal (economic), normal, or loss?):
Is it allocatively & productively efficient at the profit-maximizing point?
Quantity where allocative efficiency is achieved?
Quantity where productive efficiency is achieved?
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#2
#3