Question

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21... In monopolistic​ competition, when firms make an economic​ profit,

A. new firms enter the industry so that the price falls and the economic profit eventually falls to zero.

B. the existing firms continue to make an economic profit in the long run because of product differentiation.

C. new firms enter the industry so that output decreases and the economic profit increases.

D. new firms enter the industry so that output increases and the economic profit increases.

Which of the following illustrates diminishing marginal

returns​?

A.

A company makes greater investments as it earns higher profits.

B.

Debra produces 30 hats per hour.

C.

Hiring more workers decreases the productivity of each additional worker.

D.

Total cost decreases as the quantity of labor hired increases.

The​ firm's production function is the relationship between the​ ________ and​ ________.

A.

output​ produced; the quantities of all inputs

B.

possible range of maximum​ output; the quantity of variable inputs

C.

maximum output​ attainable; the quantity of variable inputs

D.

maximum output​ attainable; the quantities of both labor and capital

If the price elasticity of demand is less than​ 1, a​ monopoly's

A.

marginal revenue is zero.

B.

marginal revenue is undefined.

C.

total revenue decreases when the firm lowers its price.

D.

total revenue increases when the firm lowers its price.

Answer 1