5. A monopolistically competitive firm that is incurring a loss will shut down i

Question

5. A monopolistically competitive firm that is incurring a loss will shut down if (Points : 1)
marginal revenue is less than marginal cost.
revenues are less than variable costs.
price is less than average total cost.
price is less than marginal cost.
7. Imperfect competition (Points : 1)
means there is no competition in the market.
results in less efficient market outcomes.
should always be regulated by the government
is a major cause of externalities in the market.


8. According to the Five Forces Model, ________ are the five competitive forces that determine the level of competition and profitability in an industry. (Points : 1)
rivals, buyers, suppliers, substitutes, and potential entrants.
rivals, consumers, labor, weather, and government.
buyers, suppliers, government, foreign competition, and weather.
None of the above are correct.


9. The oligopolistic model in which firms produce exactly the same results as would exist if a monopolist controlled the entire industry is called the ________ model. (Points : 1)
Cournot
Price leadership
Maximin strategy
Collusive Cartel


10. A monopolistically competitive firm (Points : 1)
can sell an infinite amount of output at the market-determined price.
must lower price to sell more output.
must raise price to sell more output.
sells a fixed amount of output regardless of price.

Explanation / Answer

5)revenues are less than variable costs. 7)means there is no competition in the market.

Related Questions

Navigate

• Browse (All)
• Browse 5
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.