10 / 10 points Monopolistic competition is an industry characterized by a:
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of firms producing identical products, with barriers to
... [Show More] entry for firms. of firms producing similar products, with relatively easy entry for firms.
of firms producing identical products, with relatively easy entry for firms.
Imperfect competition is: Question options:
ture with no more than one firm in the industry. which all firms are price takers.
ll of the above.
Imperfect competition includes: Question options:
ompetition and monopoly. tition and monopoly. oligopoly.
A firm in monopolistic competition maximizes its profit by producing at the level at which: Question options:
An industry characterized by many firms, producing similar but differentiated products, in a market with easy entry and exit is called:
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tition.
An oligopoly knows that its affect(s) its and that the of its rivals will affect it.
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; total revenue in a positive way; reactions rivals; actions
; total revenue in the long run only; large but not small price changes
A concentration ratio is used to measure: Question options:
of scale.
An industry dominated by a few firms, where each of those firms recognizes that its own choices will affect the choices of its rivals and that its rivals' choices will affect it, is a(n):
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ompetition. tition.
Price for a firm under monopolistic competition is: Question options:
inal revenue.
ginal revenue. otal revenue.
Unwritten or unspoken understandings through which firms collude to restrict competition are called:
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Firm in Monopolistic Competition
0 / 10 points
(Exhibit: Profit Maximization for a Firm in Monopolistic Competition) Suppose that an innovation reduces a firm's fixed costs and reduces cost from ATC to ATC' Before the innovation reduced the cost, the firm's maximum economic profit was:
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(Exhibit: Profit Maximization for a Firm in Monopolistic Competition.) Suppose that an innovation reduces a firm's fixed costs and reduces cost from ATC to ATC' After the innovation reduced the cost, the firm's maximum economic profit is:
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(Exhibit: Profit Maximization for a Firm in Monopolistic Competition) Suppose that an innovation reduces a firm's fixed costs and reduces cost from ATC to ATC' Suppose further that after the innovation reduced the cost to ATC?, it costs a total of $18 per unit to produce 170 units per day. If the firm charges a price equal to marginal cost, total net profit will be:
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$1,700. $1,190. $3,060. [Show Less]