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Question 6 Marginal revenue is the change in total revenue divided by the change in total cost. O cost when the firm produces additional units O revenue when the firm spends more money. O revenue when the firm produces additional units. O cost divided by the change in total revenue.
Question 48 2 pts Which of the following market structures describes an industry in which all firms produce differentiated output and there are few barriers to entry O a cartel monopolistic competition monopoly O perfect competition oligopoly
D Question 50 2 pts Profit-maximizing, monopolistically competitive firms never lose money O cannot be guaranteed an economic profit in any period and might incur losses O are guaranteed an economic profit in the short run necessarily earn long-run economic profits O produce only those goods for which they can acquire a barrier to entry, such as a patent (hence the term monopolistically).
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Answer #1

a) "D"

Total change in total revenue when the firm produces additional unit. change in total revenue / change in total quantity.

b) "B" monopolistic competition.

c) "B" cannot be guaranteed any profit in the long or the short run.

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