22. A firm is currently operating where the MC of the last unit produced =$64, a

Question

22. A firm is currently operating where the MC of the last unit produced =$64, and the MR of this unit=$70. What would you advise this firm to do?

a. Shut down b. Increase output c. Stay at current output d. Decrease output e. Decrease price

23. When competion is limited, i.e., entry restricted, consumers pay_ prices and have_ quantity of the product.

a. higher; more

b. higher; less

c. lower; more

d. lower; less

e. the same; the same

24. Show stoppers is a monopoly provider of ticket services for the concerts and sporting events and their current service charge is $10.00. In order to attract one more customer, they have to lower their service to $9.50. Show stoppers marginal revenue of this addistional customer is:

a. $9.50

b. greater than $9.50

c. less than $9.50

between $10.00 and $9.50

Explanation / Answer

A C B

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