Price And Average Total Cost Being Equal And Difference Between Competition And Monopolistic Competition

Question

1. Price is equal to average total cost if the firm:
A.    is never in productive equilibrium.
B.    is earning a normal rate of profit.
C.    is earning zero profits.
D.    needs to cut costs in the short run.

Use the following data
Labor    Quantity
  1        9
  2      20
  3      33
  4      40


2. The main similarity between competition and monopolistic competition is that:
A.    competition has many sellers selling a product, while monopolistic competition has one firm selling many products.
B.    both make no economic profit in the long run.
C.    a competitive market has many buyers, while monopolistic competition has only one buyer.
D.    both produce standardized products.

Summary

These multiple choice questions belong to Economics. The 1st question discusses about price and total cost being equal and the 2nd question is about the similarity between competition and monopolistic competition.

Total Word Count NA


Download Full Solution

Comments

  • HWA
    Rasha

    this is a very good website

  • HWA
    maani

    I have 50 questions for the same test your page is showing only 28

  • HWA
    joeanne

    hi can you please help or guide me to answer my assignments. thanks

  • HWA
    joeanne

    hi can anyone help or guide me to my assignments. thanks

  • HWA
    Monik


  • HWA
    Cristina

    This solution is perfect ...thanks

  • HWA
    Janete

    Hello Allison,I love the 2nd image that you did! I also, had never heard of SumoPaint, is something that I will have to exolpre a bit! I understand completely the 52 (or so) youtube videos that you probably watched. Sometimes they have what you want, sometimes they don't! However, it is always satisfying when you are able to produce something that you have taught yourself. Great job!Debra 0 likes

  • HWA
    Sandeep

    Perfect bank of solution. 

  • HWA
    Oxana

    great !

  • HWA
    Paul Brandon-Fritzius

    thanks for the quick response. the solution looks good. :)

  • HWA
    tina Johnson

    thnx for the answer. it was perfect. just the way i wanted it. 

  • HWA
    Giuseppe

    works fine.