Characteristics of a monopolistically competitive market include all of the following except:
a. some influence over price.
b. a large number of sellers.
c. barriers to entry
d. differentiated products.
c
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The table below shows the utility schedule for a consumer of candy bars. Candy Bars ConsumedTotal Utility001529312414515615713Based on the data in the above table you can conclude that the
A. marginal utility of the third unit is 4 utils. B. total utility of 2 units is 4 utils. C. marginal utility of the fourth unit is 14 utils. D. marginal utility of the sixth unit is 0 utils.
As demonstrated by the labor supply schedule, the quantity of labor supplied depends on
A) workers' productivity. B) the value of the dollar. C) the nominal wage. D) the amount of labor that firms want to hire. E) the real wage.
The typical short-run production function is incapable of distinguishing among the different types of labor that might be hired by the firm
Indicate whether the statement is true or false
For a monopolist, average revenues:
A. are always equal to price. B. equal price only at the profit maximizing quantity. C. are always zero at the profit maximizing quantity. D. are maximized when total revenues are maximized.