Quiz 12: Managerial Decisions for Firms With Market Power
All of the Following Could Be a Barrier to Entry
All of the following could be a barrier to entry EXCEPT: A)a government franchise. B)decreasing long-run average cost. C)patents. D)switching costs. E)rising LMC.
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A monopolistically competitive industry is in the process of moving toward long-run equilibrium.This period the product of a typical firm has more substitutes than last period.This means that A)there was entry into the industry. B)a typical firm will produce more this period. C)a typical firm's profits will fall this period. D)both a and c E)all of the above
If a monopolistically competitive market is in long-run equilibrium,each firm A)charges a price which is higher than long-run marginal cost. B)earns economic profits. C)produces that level of output at which long-run average cost is minimum. D)all of the above E)none of the above
A monopolistic competitor is producing a level of output at which price is $200,marginal revenue is $100,average total cost is $210,marginal cost is $100,and average variable cost is $180.In order to maximize profit,the firm should A)increase output. B)keep output the same. C)decrease output. D)shut down.
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