02 Jun Question 1. Question : All but which one of the following are true of monopolistic competition? Student Answer: MR = MC
Question
1. Question : All but which one of the following are true of monopolistic competition? Student Answer: MR = MC
P>MC
AR = MR
The demand curve the firm faces slopes downward.
Entry is easy.
2. Question : At the point of long-run equilibrium for a perfectly competitive firm, Student Answer: economic profits are zero.
TR > TC.
TR < TC.
P = AVC.
normal profits are zero.
3. Question : The greater the price elasticity of the demand curve that the firm faces in monopolistic competition, Student Answer: the higher the degree of competition in the industry.
the lower the degree of competition in the industry.
the fewer substitutes for the good produced.
the easier it is for the firm to raise its price.
the less sales the firm will gain from a price decrease.
4. Question : Retail outlets operate in which of the following market structures? Student Answer: perfect competition
monopolistic competition
oligopoly
monopoly
oligopsony
5. Question : Which one of the following is NOT a basic assumption of the model of perfect competition? Student Answer: Many buyers
Many sellers
A differentiated product
Full information
Mobile resources
6. Question : A firm in a(n) industry will have the most elastic demand curve. Student Answer: monopolistic
oligopolistic
monopolistically competitive
perfectly competitive
7. Question : The marginal cost curve above the minimum average variable cost Student Answer: indicates points where the firm will realize an economic profit.
covers the area where a firm should shut down.
is equal to the firm's marginal revenue curve.
is the firm's short-run supply curve.
8. Question : A firm in a monopolistically competitive industry faces a downward-sloping demand curve because Student Answer: the product is homogeneous.
the product is differentiated.
nonprice competition is missing.
barriers to entry are high.
9. Question : Along a downward-sloping monopoly demand curve, Student Answer: marginal revenue is greater than price.
elasticity of demand is constant.
marginal revenue decreases when price decreases.
marginal revenue is equal to zero when price is equal to zero.
10. Question : Perfect competition is Student Answer: not an abstraction from reality; it is reality.
an "ideal type"—that is, a model or guidepost for comparison.
the only market structure in the United States.
the best of all possible worlds.
found in the U.S. steel industry.
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.