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Figure 16-3   61. Refer to Figure 16-3. The maximum total short-run
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Question : Figure 16-3   61. Refer to Figure 16-3. The maximum total short-run : 2091154

Figure 16-3

 

61. Refer to Figure 16-3. The maximum total short-run economic profit for the monopolistically competitive firm in this figure is

a.

$1,000.

b.

$2,000.

c.

$3,000.

d.

$5,000.

 

Figure 16-4

62. Refer to Figure 16-4. Which of the graphs depicts a short-run equilibrium that will encourage the entry of other firms into a monopolistically competitive industry?

a.

panel a

b.

panel b

c.

panel c

d.

panel d

 

63. Refer to Figure 16-4. Which of the graphs depicts a short-run equilibrium that will encourage the exit of some firms from a monopolistically competitive industry?

a.

panel a

b.

panel b

c.

panel c

d.

panel d

 

64. Refer to Figure 16-4. Which of the graphs depicts a short-run equilibrium that will not encourage either the entry or exit of firms in a monopolistically competitive industry?

a.

panel a

b.

panel b

c.

panel c

d.

panel d

 

65. Refer to Figure 16-4. Panel a shows a profit-maximizing monopolistically competitive firm that is

a.

earning zero economic profit.

b.

likely to exit the market in the long run.

c.

producing its efficient scale of output.

d.

not maximizing its profit.

 

 

 

Solution
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