____ 9. Ignoring oligopoly and focusing on the other three types of market struc
ID: 2439922 • Letter: #
Question
____ 9. Ignoring oligopoly and focusing on the other three types of market structure, in which of those market structures does a profit-maximizing firm charge a price that exceeds marginal cost?
a.
monopoly only
b.
monopoly and monopolistic competition
c.
monopoly and perfect competition
d.
monopolistic completion and perfect competition
____ 10. When a monopolistically competitive firm is in long-run equilibrium, what is the case?
a.
Price is equal to minimum average total cost.
b.
Price equals marginal cost.
c.
Price equals marginal revenue.
d.
Price is equal to average total cost.
____ 11. What is the role that the Competition Act plays in our market economy?
a.
It was passed to encourage judicial leniency in the review of cooperative agreements.
b.
It was concerned with self-interest-dominated Nash equilibriums in prisoners' dilemma games.
c.
It enhanced the ability to enforce cartel agreements.
d.
It restricted the ability of competitors to engage in cooperative agreements.
____ 12. Firms in industries that have competitors but, at the same time, do not face so much competition that they are price takers, are operating in either of which types of markets?
a.
oligopoly or perfectly competitive market
b.
oligopoly or monopoly market
c.
oligopoly or monopolistically competitive market
d.
monopoly or monopolistically competitive market
a.
monopoly only
b.
monopoly and monopolistic competition
c.
monopoly and perfect competition
d.
monopolistic completion and perfect competition
Explanation / Answer
9. The correct answer is B.
10. The correct answer is D.
11. The correct answer is D.
12. The correct answer is C.
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