27) Value of the marginal product is A) the firm\'s input supply curve B) the fi

Question

27) Value of the marginal product is A) the firm's input supply curve B) the firm's input demand curve C) the firm's total product curve D) the firm's average product curve E) none of the above 28) The defining characteristic of a monopoly is A) profit maximization does not require MC - MR B) a perfectly horizontal demand curve C) the economic profit is always equal to zero D) entry is blocked E) none of the above 29) 29) What characteristic is indicative of oligopolies? A) low profits B) few firms C) interdependence of firms D) fairly homogenous product E) none of the above 30) In monopolistic competition, the firm attem A) cutting prices to a level below the prices of competitors B) pricing the product below cost C) product differentiation D) maintaining market share E) none of the above by 5

Explanation / Answer

27) Option (A)

Resource's marginal product multiplied by the product price

28) Option (D)

Entry for other players is blocked in monopoly

29) Option (B)

Name itself says few sellers in the market

30) Option (A)

Quasi monopoly can attained by keeping price way below competitors

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