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Question 1 0.4 pts We could state correctly that the minimum characteristic necessary to distinguish among price-making firms is O the level of the concentration ratio. O whether they produce industrial or consumer products. O the number of firms in the industry O price discrimination. O product differentiation. Question 2 0.4 pts According to Section 2 of the Sherman Antitrust Act, a person who attempts to monopolize commerce among the several states is guilty of a(n) O misdemeanor of the second degree. O misdemeanor of the first degree. minor misdemeanor international misdemeanor felony Question 3 0.4 pts If Tamsins Tank Tops is a perfectly competitive firm and is currently making positive economic profits of $1,000 O firms will exit the market, O the market supply curve will shift to the left. O individuals will demand more tank tops. O firms will enter the market. O individuals will demand fewer tank tops.Question 4 0.4 pts A firms willingness to supply its product in the long run is represented on a graph by the market supply curve O entire marginal cost (MC) curve. marginal revenue (MR) curve. O part of the marginal cost (MC) curve above minimum average variable cost (AVC). part of the marginal cost (MC) curve above minimum average total cost (ATC).

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Answer #1

1) product differentiation

Product differentiation is the main characteristic of price making firms that give them power to charge different prices.

2) Felony

People who try to monopolise any commercial activity are deemed to be guilty of felony.

3) firms will enter the market

More firms will enter the market when there are positive economic profits in the market.

4) part of the marginal cost above minimum average total cost.

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