In the above figure of a monopolistically competitive firm, the marginal cost of the last unit ...

In the above figure of a monopolistically competitive firm, the marginal cost of the last unit produced is equal to ________ and is ________ marginal revenue.

A) P2; greater than
B) P3; greater than
C) P1; greater than
D) P1; equal to

Ques. 2

Each point on the production possibilities frontier achieves allocative efficiency.

Indicate whether the statement is true or false

Ques. 3

In the long run, perfectly competitive firms make zero economic profit. This result is due mainly to the point that a perfectly competitive market has

A) few buyers and sellers.
B) no barriers to entry and exit.
C) price taking by the firms.
D) firms with perfectly elastic market demand.

Ques. 4

A free rider is a person who consumes a good without paying for it.

Indicate whether the statement is true or false

Ques. 5

A labor market monopsony

A) has a marginal cost of labor curve that lies above the labor supply curve.
B) has a marginal cost of labor curve that lies below the labor supply curve.
C) is a labor market in which the firm has an elastic demand for labor.
D) is a labor market in which the firm has an inelastic demand for labor.

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In the above figure of a monopolistically competitive firm, the marginal cost of the last unit ...

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