According to Shepherd, the percentage of industries that were effectively competitive in 1988 is approximately
a. 25 percent
b. 50 percent
c. 64 percent
d. 77 percent
e. 89 percent
D
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Indicate whether the statement is true or false
If a production function shows declining marginal product of an input as the quantity of the input increases, then the production function exhibits
a. diminishing profitability. b. increasing returns to scale. c. increasing marginal product. d. diminishing marginal product.
A firm increases output from 2 to 4 units per week. As it does its total costs rise from €1200 to €1500, while its fixed costs remain constant at €800. The firms MC is:
(a) €100. (b) €150. (c) €300. (d) Zero.
Suppose a monopolist faces the following demand curve.
If the monopolist were to sell 20 units of output, its total revenue would be:
A. $50. B. $140. C. $100. D. $1,000.