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
