For a competitive firm
A) price is equal to marginal revenue.
B) price is less than marginal revenue.
C) demand is less than marginal revenue.
D) demand is less than average revenue but equal to marginal revenue.
Correct Answer:
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Q31: One of the characteristics of an oligopoly
Q32: Examples of strategic behavior include
A)kinked demand and
Q33: In a monopoly,
A)marginal revenue is greater than
Q34: Monopolies exist due to
A)patents.
B)government franchises.
C)cost factors.
D)all of
Q35: Firms in an oligopoly
A)act independently.
B)engage in strategic
Q37: In a monopoly, producer surplus is
A)larger than
Q38: Firms maximize profits when marginal revenue equals
Q39: Monopolies have _ substitutes.
A)many
B)few
C)no
D)several but less than
Q40: The kinked demand curve is based on
Q41: A monopoly can block the entry of
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