Assume a market is perfectly competitive. When a new producer enters the market, the
a. price in the market increases.
b. price in the market decreases.
c. price in the market does not change.
d. market is no longer a competitive market.
c
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If the marginal cost of producing hair styling decreases, then the efficient quantity of hair stylings to produce ________
A) depends on the marginal benefit B) remains the same C) decreases D) increases
If the total cost of producing 20 ceramic vases is $240, what is the average total cost of producing a single vase?
a. $240/20 = $12 b. $240 × 20 = $4,800 c. 20/$240 = $0.08 d. $240 – 20 = $220
The legislation that prohibited "every contract, combination, ...or conspiracy" that limits competition is the:
A. Federal Trade Commission Act. B. Clayton Act. C. Sherman Act. D. Celler-Kefauver Act.
Recall the Application about the costs involved in opening a restaurant to answer the following question(s).Recall the Application. Which of the following prevents the restaurant industry from being classified as a monopoly?
A. There are many restaurant chains in the industry. B. There is easy entry. All an entrepreneur needs is to pay the franchise fee and the royalties. C. Restaurants are differentiated based on location and price. D. All of these are reasons why the restaurant industry is not a monopoly.