In the short run, a firm in a monopolistically competitive market operates much like a
A. firm in a perfectly competitive market.
B. firm in an oligopoly.
C. monopolist.
D. nonprofit firm.
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A monopolistically competitive firm is currently producing 25 units of output. At this level of output the firm is charging the highest price it can at $30, has marginal revenue equal to $21, has marginal cost equal to $21, and has average total cost equal to $22. From this information we can infer that
A. the firm is currently maximizing its profit.
B. the firm is earning zero profit.
C. increasing the quantity produced will raise per-unit costs.
D. firms are likely to leave this market in the long run.
Which of the following conditions is characteristic of a monopolistically competitive firm in both the short run and the long run?a.b. c.d.
A. P > MC
B. MC = ATC
C. P < MR
D. P = ATC
In monopolistically competitive markets, free entry and exit suggests that
A. the market structure will eventually be characterized by perfect competition in the long run.
B. all firms earn zero economic profits in the long run.
C. some firms will be able to earn economic profits in the long run.
D. some firms will be forced to incur economic losses in the long run.
In a long-run equilibrium,
A. only a perfectly competitive firm operates at its efficient scale.
B. only a monopolistically competitive firm operates at its efficient scale.
C. neither a competitive firm nor a monopolistically competitive firm charges a markup over marginal cost.
D. both a perfectly competitive firm and a monopolistically competitive firm operate at their efficient scale of production.
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