Reference no: EM13986405
1. Price for a firm under monopolistic competition is:
A) equal to marginal revenue.
B) greater than marginal revenue.
C) less than marginal revenue.
D) greater than total revenue.
2. An industry with a large number of relatively small firms producing differentiated products in a market with easy entry and exit firms is:
A) a monopoly.
B) a duopoly.
C) an oligopoly.
D) one of monopolistic competition.
3. Figure: Perfectly Competitive Firm
(Figure: Perfectly Competitive Firm) The figure shows a perfectly competitive firm that faces demand curve d, has the cost curves shown, and maximizes profit. If the firm faces a market price of $3.00, its total profit per day is:
A) zero.
B) $250.
C) $275.
D) $300.
4. Refer to the above data for a monopolist. This firm will maximize its profit by producing:
A) 3 units.
B) 4 units.
C) 5 units.
D) 6 units.
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