Assuming identical production functions and cost curves, the long-run equilibriu

Question

Assuming identical production functions and cost curves, the long-run equilibrium of a monopolistically competitive firm, as compared with that of a perfectly competitive firm, is such that, for the former, price is . lower and output is smaller higher and output is greater C higher and output it smaller lower and output is greater None of the above What Is marginal revenue for a monopolist? It is equal to price It is greater than price C It is less than price It is equal to average revenue None of the above What is the demand curve for a monopoly? It Is the sum of all the firm supply curves in the monopoly's industry It is the industry demand curve It is horizontal because no one can enter It is perfectly elastic None of the above The two theoretical extremes of the market structure spectrum are occupied on one end by perfect competition and on the other end by . Monopoly Duopoly Oligopoly Monopolistic competition None of the above A way to measure the degree of concentration in oligopoly is to use . An elasticity ratio A demand ratio The percentage of sales accounted for by the four largest firms in the industry The ratio of MC to ATC None of the above For a perfectly competitive firm, which of the following, in the short run. is the most Important thing to consider when deciding whether to shut down? Compare AVC to MR. Compare TR to TC Do not produce if the TFC is not covered by revenue. Produce the highest quantity demanded regardless of price. Compare P to ATC

Explanation / Answer

13.D 14.C 15.A 16.B 17.B 18.C

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