1 A profit-maximizing firm picks the quantity of output at which ________A average revenue, B Price

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1 A profit-maximizing firm picks the quantity of output at which ________A average revenue, B Price or C marginal revenue Equals __________A average cost or B marginal cost

2 When a monopolized industry becomes monopolistically? competitive, consumers pay

A

less for goods and? services, and firms earn lower profits

B

less for goods and? services, and firms earn higher profits

C

more for goods and? services, and firms earn lower profits

D

more for goods and? services, and firms earn higher profits

3 In a monopolistically competitive? market, firms continue entering the market until

A

economic profits equal zero

B

economic profits turn positive

C

government stops granting licenses

D

government starts granting licenses

4 Compared to a perfectly competitive? market, average costs in a monopolistically competitive market are

A

higher due to the efficiency of many firms providing the same product

B

lower due to the cost of many firms providing differentiated products

C

lower due to the efficiency of many firms providing the same product

D

higher due to the cost of many firms providing differentiated products

5Word-of-Mouth Book Sales Consider a publisher who earns a profit of ?$2 per book sold An advertisement that costs ?$340, 000 would sell 120, 000

books directly

To make the advertisement? worthwhile, how many of the original buyers must each persuade just one other person to buy the? book?

6 Firm A has lowered its price from? $2999 to? $2499 In a? tit-for-tat situation, firm B will

A

lower its price to? $2499

B

lower its price to? $1999

C

keep its price at? $2999

D

raise its price to? $3499

7 At a natural? monopolist’s current level of? output, marginal revenue is less than marginal cost The firm should Araise or B lower it’s output and A raise or B lower the price

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