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Question 17 0.4 pts The point of the 1890 Sherman Act was to O establish patents and copyrights as ways to protect creative activity O make rent seeking through lobbying of public officials illegal. O nationalize industries where economies of scale were especially important. O prevent monopoly practices and promote commercial competition. forbid states from imposing import tariffs on other states. Question 18 0.4 pts With monopolistic competition, firms have demand curves that are the lowest possible cost. identical to O unrelated to O correlated with O below O above Question 19 0.4 pts By reducing trade barriers, the government O decreases efficiency reduces imports. O decreases deadweight loss. increases the price of the imported good. reduces exports.

Question 20 0.4 pts The concept of markup under monopolistic competition would best be described as the O difference between the average total cost and the price of the monopolistic competitor attempt of firms to make their products look like those of other firms in the industry, thus marking them up in a similar style O difference between total revenue and total cost of the monopolistic competitor. O difference between the marginal cost and the price of the monopolistic competitor O attempt of firms to mark up their prices above those of their rivals

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Answer #1

1) Solution: above

Explanation: Under monopolistic competition has more than a few firms and demand curve is downward sloping.

2) Solution: decreases deadweight loss

Explanation: Trade barriers creates deadweight loss; and my eliminating government can reduce it

3) Solution: difference between the marginal cost and the price of the monopolistic competitor.

Explanation: Concept of markup under monopolistic competition refers to difference among the marginal cost and the price of the monopolistic rival.

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