Exhibit 25-3



Refer to Exhibit 25-3. What output is productively efficient?

Exhibit 25-3



Refer to Exhibit 25-3. Which of the following points represents the profit-maximizing quantity and price of a monopolistic competitor?

A monopolist is a _______________ and a monopolistic competitive firm is

The monopolistic competitive firm will most likely earn a normal profit in the long run because of

Some monopolistic competitive firms may earn positive economic profits in the long run because of

Excess capacity results from a

Which of the following is an assumption of the theory of oligopoly?

Exhibit 25-3



Refer to Exhibit 25-3. Total revenue of this profit maximizing monopolistic competitor is represented by the area

Exhibit 25-8

 

Refer to Exhibit 25-8. Average total cost at the profit-maximizing level of output equals

In the prisoner's dilemma, each prisoner would be best off if

If the four-firm concentration ratio is 0.45, and the top four firms account for $10 million in sales, it follows that total industry sales equal

Which of the following is an example of a monopolistic competitor?

The theory of contestable markets concludes that

The eight-firm concentration ratio for an industry is 0.80. If the top four firms in the industry account for $45 million in sales, what do total sales equal?

Generally, the monopolistic competitor is in long run equilibrium when

In long run equilibrium, a monopolistic competitive firm's price will

The excess capacity theorem holds for a (n) __________, and states that in the long run the firm produces an output __________.

If a perfectly competitive firm and a monopolistic competitor in long run equilibrium face exactly the same demand and cost curves, then there is high probability that

Which of the following is true?

Exhibit 25-7
 

Refer to Exhibit 25-7.  The marginal cost of the 700th unit produced equals