Q8. The similarity between Monopoly and Monopolistic competition is a) Free entry and exit of firms marginal revenue b) Quality of product is same c) Price charged exceeds d) Demand curves are perfectly elastic. Q9. Which of the following conditions is acceptable as the last stage of production for a P.C. firm? a) Size of loss equals to total fixed cost b) Size of loss equals to total variable cost c) Size of loss equals to total cost d) Firm earns zero economic profit Q10 The monopolistic competitive firm produces product a) That is slightly differentiated b) That is significantly different from each other c) That is considerably different from each other d) That is of lower quality than the P.C. firm

Q8. The similarity between Monopoly and Monopolistic competition is a) Free entry and exit of firms marginal revenue b) Quality of product is same c) Price charged exceeds d) Demand curves are perfectly elastic. Q9. Which of the following conditions is acceptable as the last stage of production for a P.C. firm? a) Size of loss equals to total fixed cost b) Size of loss equals to total variable cost c) Size of loss equals to total cost d) Firm earns zero economic profit Q10 The monopolistic competitive firm produces product a) That is slightly differentiated b) That is significantly different from each other c) That is considerably different from each other d) That is of lower quality than the P.C. firm

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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