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Question 1.1.The marginal cost curve above the minimum average variable cost (Points : 1)indicates points where the firm will realize an economic profit.covers the area where a firm should shut down.is equal to the firm’s marginal revenue curve.is the firm’s short-run supply curve.Question 2.2.All but which one of the following are characteristics of monopolistic competition? (Points : 1)a large number of sellersa homogeneous producteasy entrya large number of close substituteseasy exitQuestion 3.3.Anna Lopez sells timber in a perfectly competitive market. Incomes increase, and many people buy new homes; the market demand curve shifts to the right. In the short run, she should expect (Points : 1)the price of timber to remain unchanged.profits to fall.the price of timber to rise.firms to leave the timber business.Question 4.4.A firm in a monopolistically competitive industry faces a downward-sloping demand curve because (Points : 1)the product is homogeneous.the product is differentiated.nonprice competition is missing.barriers to entry are high.Question 5.5.A firm in perfect competition is assumed to be (Points : 1)a price leader.a developer of new inventions.small in size, relative to the size of the industry.large in size, relative to the size of the industry.Question 6.6.The greater the price elasticity of the demand curve that the firm faces in monopolistic competition, (Points : 1)the higher the degree of competition in the industry.the lower the degree of competition in the industry.the fewer substitutes for the good produced.the easier it is for the firm to raise its price.the less sales the firm will gain from a price decrease.Question 7.7.Along a downward-sloping monopoly demand curve, (Points : 1)marginal revenue is greater than price.elasticity of demand is constant.marginal revenue decreases when price decreases.marginal revenue is equal to zero when price is equal to zero.Question 8.8.At the point of long-run equilibrium for a perfectly competitive firm, (Points : 1)economic profits are zero.TR > TC.TR < TC.P = AVC.normal profits are zero.Question 9.9.A monopolist faces (Points : 1)a perfectly elastic demand curve.a portion of the market demand curve.an upward-sloping demand curve.no demand curve, because demand is not important to the monopolist.the market demand curve.Question 10.10.If a monopoly firm observes an increase in total revenue following a price increase, which of the following must be true? (Points : 1)MR > 0MR < 0MR = 0MR = TR
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