In the dominant firm model, the dominant firm is the price leader
Profit maximizing amount of labor will be at the point where:
MRPL > w
If MRPL < w:
MRPL = w: profit
All of the given options
4. In the dominant firm model, the dominant firm is the price leader
It has lower costs than the other firms in the competitive fringe
It was chosen by the others
Of government regulations
It has higher costs than the other firms in the competitive fringe
5. In the long run, the monopolistically competitive firm earns zero
economic profit because:
Of free entry and exit
It has excess capacity
It has the ability to set price
Other firms produce a perfect substitute
Quiz no 6
6. If an oligopolist believes that its price cuts will be matched by rivals, the
firm’s strategic demand curve will be __________________ elastic than it
would be in the Cournot model:
equal or more
equal or less
7. In the long run, monopolistic competition differs from perfect
competition in that the monopolistically competitive firm has:
Zero fixed costs.
All of the above.
8. One reason that many cartels are not long-lived is that:
They lack substantial market power.
They are illegal.
Its members cannot talk to each other.
Its members will not cheat.
9. One characteristic often seen in real world oligopolies is:
Zero economic profit.
Low barriers to entry.
10 Monopoly power refers to the firm’s ability to:
Earn economic profit.
Restrict entry into the industry.
Set price above marginal cost.
Possess economies of scale.
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