Multiple Choice
The market demand curve is ____ and the demand curve for a single firm in a competitive market is ____.
A) horizontal, horizontal
B) downward sloping, horizontal
C) downward sloping, downward sloping
D) horizontal, downward sloping
Correct Answer:
Verified
Correct Answer:
Verified
Q1: Perfect competition<br>A)has many sellers.<br>B)homogenous products.<br>C)free entry and
Q2: In an oligopoly<br>A)there are many firms.<br>B)there is
Q3: If marginal revenue is less than marginal
Q5: Over the long run, monopolies can earn<br>A)economic
Q7: For a competitive firm<br>A)price is equal to
Q8: In a monopoly, producer surplus is<br>A)larger than
Q9: Entry causes _ to increase and a
Q10: Monopolies exist due to<br>A)patents.<br>B)government franchises.<br>C)cost factors.<br>D)all of
Q11: In a monopoly, consumer surplus is<br>A)larger than
Q18: Entry into a competitive market will continue