Which of the following is a distinction between perfectly competitive and monopolistic competition?
a. Perfectly competitive firms must compete with rival sellers; monopolistically competitive firms do not confront rival sellers.
b. Monopolistically competitive firms can raise their price without losing sales; perfectly competitive firms must lower their price in order to sell more of their product.
c. Perfectly competitive firms confront a perfectly elastic demand curve; monopolistically competitive firms face a downward-sloping demand curve.
d. Perfectly competitive firms may make either economic profits or losses in the short run, but monopolistically competitive firms always earn an economic profit.
c
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Given the data in the above table, the marginal revenue curve
A) lies below the demand curve. B) lies above the demand curve. C) intersects the demand curve. D) is equal to the demand curve.
The marginal revenue curve for a monopolist
A. is identical to its demand curve. B. is always below its demand curve if the demand curve is downward sloping. C. is always below its demand curve if the demand curve is horizontal. D. typically crosses the average revenue curve.
What is the opportunity cost of going from point E to point D?
Which of the following is least likely to increase labor productivity?
A. Improved labor skills. B. Increased managerial capabilities. C. A safer work environment. D. Technological advances.