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Question :
11) Firms that produce ________ products must be ________ competitive.
A) : 1407632

11) Firms that produce ________ products must be ________ competitive.

A) differentiated; imperfectly

B) differentiated; perfectly

C) standardized; imperfectly

D) standardized; perfectly

E) exported; imperfectly

12) Imperfectly competitive firms have a demand curve that ________ and a marginal revenue curve that ________ and is ________ the demand curve.

A) slopes downward; slopes downward; below

B) is horizontal; is horizontal; the same as

C) slopes downward; is horizontal; above

D) is horizontal; slopes downward; below

E) slopes downward; slopes downward; the same as

13) An imperfectly competitive firm has the following demand curve: Q = 100 - 2P. What is marginal revenue equal to when P = 30?

14) An imperfectly competitive firm has the following demand curve: Q = 100 - 2P. What is marginal revenue equal to when P = 40?

15) An imperfectly competitive firm has the following total cost curve: C = 100 + 4Q. What is marginal cost equal to when Q = 10?

16) An imperfectly competitive firm has the following total cost curve: C = 100 + 4Q. What is total cost equal to when Q = 10?

17) An imperfectly competitive firm has the following total cost curve: C = 100 + 4Q. What is average total cost equal to when Q = 10?

18) An imperfectly competitive firm has the following total cost curve: C = 100 + 4Q. What is average fixed cost equal to when Q = 10?

19) Under oligopoly, firms' pricing policies are ________ and, under monopolistic competition, they are ________.

A) interdependent; independent

B) independent; interdependent

C) cooperative; uncooperative

D) uncooperative; cooperative

E) profit maximizing; revenue maximizing

20) Under the model of monopolistic competition, a(an) ________ in the number of firms in the industry will cause ________ to ________.

A) increase; average price; decrease

B) increase; average price; increase

C) increase; average cost; decrease

D) decrease; markup; decrease

E) increase; marginal cost; decrease