34. An industry with a few interdependent firms is best described as perfect com

Question

34. An industry with a few interdependent firms is best described as perfect competition. monopoly o oligopoly. monopolistic competition 35. The market for soft drinks, which is dominated by Coca Cola and Pepsi, is best considered to be perfect competition monopolistic competition. O oligopoly. monopoly. 36. Toby operates a small deli downtown. The deli industry is monopolistically competitive. In the long run, Toby will produce where price equals minimum average total cost. price equals marginal cost. O marginal revenue equals marginal cost. price equals marginal revenue. 37. Suppose chicken farm waste flowed into a river used by a neighbor for drinking water. The results of the Coase theorem s are relevant when the legal rights to the river are given to: either the chicken farm or the neighbor. the chicken farm. o the neighbor. neither the chicken farm nor the neighbor.

Explanation / Answer

21 C

22 D

23 A

24 D

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