Show more A medical facility is faced with the following information concerning each MRI they provide. Q=2100-.5P MR=4200-4Q TC=400Q+5000 MC=$400 1. Is this a perfectly competitive firm or a non-perfectly competitive firm? WHY?
Show more A medical facility is faced with the following information concerning each MRI they provide. Q=2100-.5P MR=4200-4Q TC=400Q+5000 MC=$400 1. Is this a perfectly competitive firm or a non-perfectly competitive firm? WHY?
Answer all parts a through d a. If this is a perfectly competitive firm what will happen for them to achieve their long run profit position? What is the profit position(s)? b. If this is a monopolistic competitive firm what will happen for them to achieve their long run profit position? What is the profit position(s)? c. If this is a monopoly what will happen for the firm to achieve their long run profit position? What is the profit position(s)? d. If this is an oligopoly what will happen for the firm to achieve their long run profit position? What is the profit position(s)? 2. Assume the government places a price control at P=$1500: a. What kind of price control is this? b. Give a positive statement concerning this price control. c. Give a normative statement concerning this price control. d. What will happen to the market when this price control is in place? Show less
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