28) Which of the following statements correctly identifies a similarity between

Question

28) Which of the following statements correctly identifies a similarity between monopoly competition? A) Entry is restricted in both market structures. B) Price equals marginal cost in both market structures. C) Production is expanded until marginal revenue equals marginal D) Firms face an upward sloping demand the market structures. and perfect cost in both the market structures. curve and a downward sloping marginal revenue curve in both 29) A monopolist faces an average 200 units at $8 per unit,- A) the monopolist incurs a loss of $200 B) the monopolist incurs a loss of $400 C) the monopolist makes a profit of $200 D) the monopolist makes a profit of $400 total cost of $6 when it produces 200 units of its product. If it sells the 30) A monopolist faces an average total cost of $10 when it produces 400 units of its product. If it sells the 400 units at $6 per unit, A) the monopolist makes a profit of $600 B) the monopolist makes a loss of $600 C) the monopolist makes a profit of $1,600 D) the monopolist makes a loss of $1,600 31) Which of the following statements is true of a monopolist's supply curve? A) The supply curve is vertical. B) The supply curve is upward sloping. C) The supply curve is downward sloping. D) A monopolist does not have a supply curve. 32) Which of the following statements is true? A) A monopolist has a vertical supply curve because it is a price taker. B) A monopolist's supply curve is the supply curve of the entire market. C) A monopolist does not have a supply curve because its production decision is independent of price. D) A monopolist has a horizontal supply curve because it is the only seller in the market.

Explanation / Answer

28 Ans: C. Production is expanded until marginal revenue equals marginal cost in both the market structure.

29.Ans: B. A monoploist incurs a loss of $400

30.Ans: Monopolist make a loss of $600

31.Ans: Monopolist doesnt have a supply curve.

32.Ans: A monopolist does not have supply curve because its production decision is independent of price.

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