Question

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Question 25 0.4 pts If the short-run supply curve, the demand curve, and the long-run supply curve all intersect at the same point, firms will experience. economic profits, which means the price is____ the average total cost curve the minimum point on negative; at positive; above O zero; above zero; at O negative; below Question 26 0.4 pts If all monopolistically competitive firms had identical cost curves, then O long-run profit for each firm would be positive. O the industry would become perfectly competitive. short-run proft for each firm would be negative. O the industry would remain monopolistically competitive because of product differentiation. O excessive brand proliferation would result. Question 27 0.4 pts The two major pieces of antitrust legislation in the United States are the O Sherman Antitrust Act and the Clayton Act. Anticompetition Act and the Sherman Antitrust Act. O International Trade Act and the Sherman Antitrust Act. Sherman Antitrust Act and the Federal Trade Commission Act. O International Trade Act and the Clayton Act.

Answer 1

a) If the demand curve, short run supply curve and long run supply curve all meet at the same price that means the firm will make zero profit and the price is at the minimum point of the average total cost curve. Answer is "D". Zero, at.

b) "E"

if all the firm in the marker have the same curve then excessive brand proliferation will occur. i.e. it will increase the produc differentiation in the market.

c) "A" they are Sherman and Clayton act.

d) "A" restaurant because restaurants are part of the monopolistic competitive industry. where product differentiation is important.