A) the number of firms in the market decreases.
B) each existing firm experiences a decrease in demand for its product.
C) each existing firm experiences a rightward shift of its marginal revenue curve.
D) each existing firm experiences an upward shift in its average total cost curve.
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A) marginal revenue.
B) marginal cost.
C) average revenue.
D) profit.
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A) marginal revenue exceeds average revenue.
B) price exceeds marginal cost.
C) the efficient scale of production is only achieved in the long run, not in the short run.
D) markup pricing does not occur in any other market structure.
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A) monopolies, but not competitive firms or monopolistically competitive firms
B) monopolies and monopolistically competitive firms, but not competitive firms
C) monopolies, monopolistically competitive firms, and competitive firms
D) No firms earn positive economic profit in the long run. Entry will reduce all firms' economic profit to zero in the long run.
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A) decrease and average total cost to increase.
B) decrease and average total cost to decrease.
C) remain unchanged as Joe's is doing the best it can.
D) increase and average total costs to decrease.
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A) Novels are likely to be produced in a monopolistically competitive industry.
B) Cable television is likely to be produced in a monopoly industry.
C) Milk is likely to be produced in a monopolistically competitive industry.
D) Cigarettes are likely to be produced in an oligopoly industry.
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A) both AllClean and NotQuiteWhite have incentives to spend large amounts of money on advertising their products.
B) AllClean has an incentive to spend a large amount of money on advertising its detergent, but NotQuiteWhite does not.
C) NotQuiteWhite has an incentive to spend a large amount of money on advertising its detergent, but AllClean does not.
D) neither AllClean nor NotQuiteWhite has an incentive to spend a large amount of money on advertising their detergents.
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A) 18%
B) 34%
C) 61%
D) 95%
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A) This firm is operating at its efficient scale.
B) This firm should expect its demand curve to shift to the left.
C) Firms will leave the market and profits for firms that remain in the market will rise.
D) This firm is in a long-run equilibrium.
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A) Firms in monopolistic competition and monopoly can earn economic profits in both the short run and the long run.
B) Both perfectly competitive and monopolistically competitive firms charge a price equal to marginal cost.
C) Firms in perfect competition, monopolistic competition, and monopoly maximize profits by producing where marginal revenue equals marginal cost.
D) Both perfectly competitive and monopolistically competitive firms produce the welfare-maximizing level of output.
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A) BCHG
B) BCIJ
C) GHIJ
D) 0BCL
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A) price exceeds marginal cost.
B) output is excessive.
C) long-run profits are positive.
D) barriers to entry limit the number of firms in the market.
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A) shift to the left.
B) shift to the right.
C) shift in a direction that is unpredictable without further information.
D) remain unchanged. It is the supply curve that will shift.
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A) there are many other sellers in the market.
B) there are very few other sellers in the market.
C) the firm's product is different from those offered by other firms in the market.
D) the firm faces the threat of entry into the market by new firms.
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information about qu...View Answer
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A) will operate closer to its efficient scale.
B) will operate further from its efficient scale.
C) will no longer be at its efficient scale.
D) might move either closer to or further from its efficient scale.
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A) both market structures feature easy entry by new firms in the long run.
B) the main objective of firms in both market structures is something other than profit maximization.
C) firms in both market structures produce the welfare-maximizing level of output.
D) firms in both market structures set price above marginal cost.
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