A. a concentrated industry.
B. a cartel
C. price leadership
D. an oligopoly.
A. decrease; decrease
B. increase; decrease
C. decrease; increase
D. increase; increase
A. monopolistically competitive
B. oligopolistic
C. perfectly competitive
D. indeterminate from this information
A. the efficient output level will be produced in the long run
B. firms will only earn a normal profit
C. firms realize all economies of scale
D. firms will be producing at minimum average cost
A. marginal costs
B. fixed costs
C. variable costs
D. advertising costs
A. in monopolistic competition entry into the industry is blocked
B. in monopolistic competition there are relatively few barriers to entry.
C. in monopolistic competition, firms can differentiate their products
D. in perfect competition firms can differentiate their products
A. a fixed cost monopoly
B. a natural monopoly
C. a government franchise monopoly
D. a economies of scale monopoly
A. lower than price for all units other than the first
B. less than price at low levels of output and greater than price at high levels of output
C. always greater than price
D. always equal to price
A. approximately one-half
B. smaller than
C. larger than
D. approximately equal to
A. normal profit is zero
B. total costs exceed total revenue
C. total costs exceed normal profit
D. the firm is earning are economic profit