Homework help and study guide help, all multiple choice
A monopolist:
A) can sell as much as it wants at the chosen price because it is the only seller.
B) can increase the price only if it is willing to decrease the quantity sold.
C) can increase the price and the quantity sold at the same time.
D) is not restricted by the law of demand.
A monopolistically competitive firm:
A) produces where marginal revenue equals marginal cost and charges the price consumers are willing to pay as given by the demand curve.
B) produces where marginal cost equals average total cost and charges the price consumers are willing to pay as given by the demand curve.
C) chooses price and quantity based on where the marginal cost curve meets the demand curve.
D) chooses price and quantity based on where the average total cost curve meets the demand curve.
21) Oligopoly is A) like a monopoly because there are barriers to entry. B) like perfect competition because oligopoly firms all sell homogeneous goods. C) like monopolistic competition because oligopoly firms all sell differentiated goods D) like perfect competition because there are many firms in the industry
ECON 1102 (Microeconomics) Test 4 (043015)
In ________ market structure, a firm's output depends ________.
A) an oligopoly; only on its own marginal revenue and marginal cost curves
B) a monopolistically competitive; in part on its competitors' price and quantity decisions
C) an oligopoly; in part on its competitors' price and quantity decisions
D) a monopolistically competitive; only on its marginal revenue curve
