Exam 1: Market Models, Structures and Competition

A firm under perfect competition will maximize profits when its

If firms in monopolistic competition are enjoying positive economic profits, in the long run

In monopolistic competition in long run equilibrium, the price will be equal to:

A monopoly is a ________, therefore the demand curve it faces is ________

If a perfectly competitive industry is in long-run equilibrium, which of the following is most likely to be true

Which of the following is NOT a characteristic of monopolistic competition?

In India, which law deals with monopolies

A bilateral monopoly is a market structure consisting of both a ______and a _____

Which of the following statements is true regarding a profit maximizing monopoly

The diagram depicting monopolistic competition in the short run:

Firms in monopolistic competition in long run equilibrium ________ than firms in perfect competition.

A major argument in favour of advertising is that:

In perfect competition the shutdown point is defined by

Which of the following statements is FALSE?

A market is clearly NOT perfectly competitive if which of the following is true in equilibrium

A ___________occurs in an industry where there is only one producer of a good and only one supplier.

Which of the following statements is true, regarding the revenues of a firm under perfect competition

As output increases in a monopoly, the firm's total revenue:

A monopoly is a ________

A major critique of advertising is that