1.In terms of perfectly competitive or monopolistic competition, determine whether one, both, or neither of the...
1.In terms of perfectly competitive or monopolistic competition, determine whether one, both, or neither of the two markets possess the following feature: The firm maximizes profit when P=MC. (may be more than 1)
a) This feature is exhibited in perfect competition only.
b) This feature is exhibited in a monopoly only.
c) This feature is exchibited in both perfect competition and monopoly.
d) This feature is exhibited in neither perfect competition or monopoly.
2.In terms of perfectly competitive or monopolistic competition, determine whether one, both, or neither of the two markets possess the following feature: The firm maximizes profit when MR=MC.
a) This feature is exhibited in perfect competition only.
b) This feature is exhibited in monopoly only.
c) This feature is exhibited in both perfect competition and monopoly.
d) This feature is exhibited in neither perfect competition or monopoly.
3.In terms of perfectly competitive or monopolistic competition, determine whether one, both, or neither of the two markets possess the following feature: The equilibrium is efficient in that it maximizes total surplus in the economy.
a) This feature is exhibited in perfect competition only.
b) This feature is exhibited in monopoly only
c) This feature is exhibited in perfect competition and monopoly.
d) This feature is exhibited in neither perfect competition or monopoly.
4.In terms of perfectly competitive or monopolistic competition, determine whether one, both, or neither of the two markets possess the following feature: There are many firms and many consumers in the market.
a) This feature is exhibited in perfect competition only.
b) This feature is exhibited in monopoly only.
c) This feature is exhibited in both perfect competition and monopoly.
d) This feature is exhibitied in neither perfect competition or monopoly.
5.In terms of perfectly competitive or monopolistic competition, determine whether one, both, or neither of the two markets possess the following feature: A profit can be earned in the short run.
a)This feature is exhibited in pure competition only.
b) This feature is exhibited in monopoly only.
c) This feature is exhibited in both pure competition and monopoly.
d) This feature is exhibited in neither pure competition or monopoly.
6.In terms of perfectly competitive or monopolistic competition, determine whether one, both, or neither of the two markets possess the following feature: A profit can be earned in the long run. (may be more than 1)
a) This feature is exhibited in pure competition only.
b) This feature is exhibited in monopoly only.
c)This feature is exhibited in both pure competition and monopoly.
d) This feature is exhibited in neither pure competition or monopoly.
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