[单选]A profit-maximizing firm in a monopolistically competitive market is characterized by which of the following?
A. marginal cost exceeds marginal revenue
B. average revenue equals marginal cost
C. price exceeds marginal cost
D. All of the above are correct.
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[单选]In monopolistically competitive markets, positive economic profits
A. suggest that some existing firms will exit the market.
B. suggest that new firms will enter the market.
C. are sustained through government-imposed barriers to entry.
D. are never possible.
[单选]Under which of the following market structures would consumers likely pay the highest price for a product?
A. perfect competition
B. monopolistic competition
C. oligopoly
D. monopoly
[单选]Which of the following goods are not likely to be sold in monopolistically competitive markets?
A. jeans
B. books
C. tap water
D. clocks
[单选]Because monopolistically competitive firms produce differentiated products, each firm
A. faces a demand curve that is horizontal.
B. faces a demand curve that is vertical.
C. has no control over product price.
D. has some control over product price.
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