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1. Which of the following is always true for monopolistically competitive firms in the short run?
A. Marginal revenue equals marginal cost.
B. Economic profit equals zero.
C. Price equals average total cost.
D. Average total cost is minimized.
E. Marginal revenue equals price.
1. The restaurant industry in a large city most closely resembles the market structure of which of the following?
A. perfect competition
B. monopolistic competition
D. oligopoly with cooperative behavior
E. oligopoly without cooperative behavior
1. A market in which there are 100 firms, each with a 1 percent share of the total market, would most likely be considered an oligopoly.
1. A natural oligopoly is an oligopoly that can be explained by _____.
A. zoning regulations
B. economies of scale
C. lobbying of government agencies
D. the reputation of existing firms
E. None of these
1. Cheating on a collusive agreement is more likely when firms can easily observe other firms’ prices.
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