Multiple Choice
For a competitive firm
A) price is equal to marginal revenue.
B) price is less than marginal revenue.
C) demand is less than marginal revenue.
D) demand is less than average revenue but equal to marginal revenue.
Correct Answer:
Verified
Correct Answer:
Verified
Q2: In an oligopoly<br>A)there are many firms.<br>B)there is
Q3: If marginal revenue is less than marginal
Q4: The market demand curve is _ and
Q5: Over the long run, monopolies can earn<br>A)economic
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
Q12: A market that mainly stresses product differentiation
Q18: Entry into a competitive market will continue