Compared to a monopolistically competitive firm having the same cost curves, a perfectly competitive firm produces ________ output and charges a ________ price.
A. more; lower
B. less; higher
C. more; higher
D. less; lower
Answer: A
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Fred has always been known as "the rich kid." Strictly speaking, this must mean that ________
A) Fred has a lot of cash B) Fred's income is quite high C) Fred won the lottery before he was legally eligible D) Fred has a flashy wardrobe E) Fred has a lot of wealth
In the above figure, at the profit-maximizing rate of production for the perfectly competitive firm total revenue is
A) $100. B) $70. C) $30. D) $130.
What is the name of the monopolist having a declining long-run average cost throughout the market?
a. Monopolistic competition. b. Monopoly by legal barrier. c. Natural monopoly. d. Contrived monopoly.
The economic system that answers the What, How and For Whom questions using prices determined by the interaction of supply and demand is a:
A. market economy. B. command economy C. soviet economy. D. traditional economy.