ANSWER THE FOLLOWING STATEMENTS WITH TRUE OR FALSE . PLEASE ANSWER IF YOU ARE 10

Question

ANSWER THE FOLLOWING STATEMENTS WITH TRUE OR FALSE. PLEASE ANSWER IF YOU ARE 100% CERTAIN ONLY

28.        in a competitive market earning profit greater than zero in the short-run, average revenue is greater than average variable cost.

29.        in long-run equilibrium, a competitive market will earn profit equal to or greater than zero.

30.        a monopolist will always earn profit greater than zero.

31.        for a monopolist, the marginal revenue of a unit will be greater than the price at which the good is sold.

32.        when a seller in a competitive market is breaking even (profit is equal to zero), the average revenue gained is equal to the average variable cost of production.

33.        a typical monopoly will produce more of a good and sell it at a higher price than would a competitive market.

34.        compared to a competitive market, a monopolist will provide society with a greater level of net benefit.

35.        in the kinked demand model, if a seller raises price, the rest of the industry will respond by not raising their price.

36.        in the price-leadership model of cooperative oligopoly, the price is determined by the leader of the industry.

37.        in the price-leadership model of cooperative oligopoly, the quantity demanded from the leader at each price will equal the difference between the market quantity demanded and the quantity supplied by the rest of the industry combined.

38.        when a negative externality exists in a market, the marginal cost of the seller understates the marginal cost to society, so the market will tend to produce less of the good than is ideal.

39.        in the kinked demand model of oligopoly, profit maximizing output occurs where marginal cost equals marginal revenue.

40.        when a positive externality exists in a market, the demand for the good understates the marginal benefit to society, so the market will tend to produce more of the good than is ideal.

Explanation / Answer

True

True

True

True

False

False

False

True

True

False

False

True

False

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