Firms have excess capacity in the long run under: (A) oligopoly (B) cartel (C) m
ID: 1198910 • Letter: F
Question
Firms have excess capacity in the long run under: (A) oligopoly (B) cartel (C) monopolistic competition (D) none of these
The firm that uses a price taker is: (A) monopolistic competition (B) cartel (C) perfect competition (D) oligopoly
Inelastic long run market demand is very important for this type of industry to survive and do well in the long run: (A) monopolistic competition (B) cartel (C) perfect competition (D) oligopoly
In the long run, which type of firm may follow "price leadership"? (A) oligopoly (B) monopoly (C) cartel (D) monopolistic competition
Increasing marginal returns occurs in some production functions because? (A) some input being fixed (B) specialization labor (C) rising profits (D) none of these
Firms in an oligopoly may: (A)have a larger market shares (B) do a lot of advertising (C) follow price leadership (D) all of these are true
One condition that IS true for perfect competition but IS NOT true for monopolistic competition is: (A) homogeneous products (B) many small sellers (C) free entry and exit (D) perfect information
Under perfect competition, in the long run, firms: (A) sell at equal price to marginal cost (B) make zero profits (C) produce the maximum technical efficiency output level (D) all of these are true
Explanation / Answer
Firms have excess capacity in the long run under in (A) monopolistic competition.
The firm that uses a price taker is (C) perfect competition
Inelastic long run market demand is very important for this type of industry to survive and do well in the long run (C) perfect competition
In the long run, which type of firm may follow "price leadership" is (A) oligopoly
Increasing marginal returns occurs in some production functions because (A) some input being fixed
Firms in an oligopoly may (D) all of these are true
One condition that IS true for perfect competition but IS NOT true for monopolistic competition is: (B) many small sellers
Under perfect competition, in the long run, firms (B) make zero profits
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