Category: Profit Maximizing Under Perfect Competition And Monopoly

A. Produces less output, charges higher prices and earns economic profits.
B. Produces less output, charges lower prices and earns only a normal profit
C. produces more output, charges higher prices and earns economics profits
D. produces less output, charges lower prices and earns economic profits

A. It is efficient because the right amount of output is produced, but not efficient in that the output produced is produced at a cost above minimum average total cost
B. It is efficient because entry is free and economic profits are eliminated in the long run.
C. It is not efficient because too little output is produced and the output that is produced is produced at a cost above minimum average total cost
D. It is not efficient because too little output is produced but is efficient in that the output produced is produced at minimum average total cost.

A. entry to it is costly but exit from it is costless
B. entry to it and exit from it are both costless
C. entry to it and exit from it are both costly
D. entry to ti costless but exist from it is costly

A. DTVC/Dq
B. q/TVC
C. Dq/DTVC
D. TVC/q

A. immediate run
B. intermediate run
C. long run
D. short run

A. marginal revenue and marginal cost.
B. total revenue and total cost
C. total revenue and marginal cost
D. marginal revenue and average cost

A. at least one fixed factor of production and firms neither leaving nor entering the industry.
B. no variable inputs – that is, all of the factors of production are fixed
C. all inputs being variable
D. a period where the law of diminishing returns does not hold

A. lower than price for all units other than the first
B. less than price at low levels of output and greater than price at high levels of output
C. always greater than price
D. always equal to price

A. monopolistically competitive
B. oligopolistic
C. perfectly competitive
D. indeterminate from this information

A. produced less and charged a higher price
B. produced more and charged a higher price
C. produced more and charged a lower price
D. produced less and charged a lower price.