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test 3 micro

test 2 micro

QuestionAnswer
game theory is based on the idea that each participant makes decisions based on how she believes that competition will react true
in a long run equilibrium in a perfectly competitive market, firms are selling at a price equal to marginal cost true
in cases of natural monopolies, society would be better off with many firms competing with each other false
identify the market structure characterized by many small firms selling somewhat different products monopolistic competition
the short run supply curve for a perfectly competitive firm is that portion of the MC curve above the AVC curve true
a pure monopoly is defined as having only one seller true
a market is not a pure monopoly if firms can enter freely
firms entering a perfectly competitive industry will cause the price of the product to fall
excess capacity and efficiency result under monopolistic competition true
perfect competition and pure monopoly are concepts useful primarily for realistic application false
an oligopoly is a market in which at least some firms are large enough to influence market price true
the demand curve of the monopoly firm is always the average revenue curve
control of a scarce resource or input can serve as an entry barrier true
a perfectly competitive firm has a horizontal demand curve because it can sell as much as it wants at the market price true
the marginal revenue curve for a monopolist is always below the demand curve true
monopolist may in the long run all of the above are correct
monopolistic competition is characterized by many firms selling slightly different products
firms in perfectly competition are often described as price takers
a perfectly competitive firm will always maximize profits by producing where P = MC
an oligopoly is a market dominated by a few sellers
what is the nature of the elasticity of the demand curve faced by perfectly competitive firm perfectly elastic
when new farmers enter the wheat industry, the equilibrium price of wheat always falls
the demand curve for a monopolistic competitor has a negative slope true
in perfect competition, marginal revenue always equals price
oligopolist behave independlety of each other false
total profit of a competitive firm can be found by multiplying profit per unit times units sold true
the most efficient market structure in the long run is perfect competition
the demand curve facing a monopolist is identical to the market demand curve for the good
pure monopoly is defined as a one firm industry
which of the following is closest to the economist definition of perfect competition the fishing industry
price discrimination only occurs under monopoly false
it is not true in the long run of monopolies that other firms seeking positive economic profit enter the market
which of the following observations concerning price discrimination is true it is easier for a monopolist than for a firm that is affected by competition
if an oligopolist cuts the price of its products customers will switch from rival firms to buy from them
the entry of new firms into a perfectly competitive market shifts the demand curve false
if a monopoly firm reduced the price of its product, which of the following must have been true MR > MC
is it true in monopoly pricing that the all of the above are correct
the key difference between monopolistic competition and perfect competition is that in monopolistic competition the tangency of AC and the demand curve occurs along the negatively sloped part of AC
which requirement for perfect competition rules out trade associations or other collusive arrangements in which firms would work together to influence price numerous small firms and customers
in long run equilibrium under perfect competition the demand curve facing individual firms will fall to the level of minimum AC
monopolistic competition in long run equilrbium is characterized by all of the above are correct
the short run supply curve of the perfeclty competitive industry is foudnd by summing the
Created by: sommerpow
 

 



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