9) If Evan\'s sells the 5th sandwich, the marginal cost is ________ the marginal

Question

9) If Evan's sells the 5th sandwich, the marginal cost is ________ the marginal revenue, so the firm's profit ________. A) greater than; decreases B) greater than; increases C) less than; increases D) less than; decreases 11) If the market price does not change, Evan's will A) continue to operate in the short run, but will exit the industry in the long run. B) continue to operate in the short run and in the long run. C) shut down. D) increase its production in the long run. 12) In the short run, perfectly competitive firms ________ but in the long run, perfectly competitive firms ________. A) can incur an economic loss; incur an economic loss B) can incur an economic losses; make zero economic profit C) must make an economic profit; make an economic profit D) can incur an economic loss; make an economic profit 13) A monopolistic firm has a sales schedule such that it can sell 10 prefabricated garages per week at $20,000 each, but if it increases its output to 11 per week it can sell those at $18,000 each. The marginal revenue of the eleventh unit of sales per week is _______. 20) Which of the following companies most closely approximates a monopolistic competitor? A) Pittsburgh Plate Glass B) Dunkin Donuts C) Ford Motor Company D) Microsof 24) A product that is a close substitute but not a perfect substitute for the products of the other firms is called A) a homogeneous product. B) an efficient product. C) an inelastic product. D) a differentiated product. 29) If firms in an industry differentiated their products and made economic profits in the short-run, what other characteristic would be important to determine if this is an oligopoly or a monopolistically competitive market? A) the number of close substitutes for the good being produced B) the number of firms in the market C) the number of buyers in the market D) if the good being sold is a normal or inferior good

Explanation / Answer

9 and 11 more information needed

12)competitive firms makes economic losses in SR but zero economic profit in LR

13)MR of 11th output is (18000*11)-(20000*10)=-2000

20)ford motor

24)differentiated product

29)number of firms

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