Question 6 (1 point) The two economists associated with the development of the t

Question

Question 6 (1 point)

The two economists associated with the development of the theory of monopolistic competition were

Question 6 options:

Carl Menger and Eugen Von Bohm-Bawerk.

Joan Robinson and Edward Chamberlin.

John Neville Keynes and John Maynard Keynes.

David Hume and Adam Smith.

Question 7 (1 point)

Graphically, how does a monopolistically competitive firm determine its profit-maximizing price?

Question 7 options:

It accepts the price set by the industry-wide forces of supply and demand.

The firm's pricing structure is set by government regulators.

Graphically, it finds the place where MR = MC and charges the price directly to the left of that point.

The firm determines its profit-maximizing output and then charges the price associated with the point on its demand curve directly above that quantity.

Question 8 (1 point)

In the short run, a monopolistically competitive firm

Question 8 options:

always earns positive accounting profits.

can earn positive, negative, or zero economic profits.

always earns positive economic profits.

never earns positive economic profits

Question 9 (1 point)

In the long run, in a monopolistically competitive market, price will be

Question 9 options:

equal to ATC.

greater ATC.

equal to MR.

equal to MC.

Question 10 (1 point)

In a long-run monopolistically competitive equilibrium,

Question 10 options:

P = ATC, and ATC is not at its minimum value.

P = ATC, and ATC is at its minimum value.

P > ATC, and ATC is not at its minimum value.

P > ATC, and ATC is at its minimum value.

Carl Menger and Eugen Von Bohm-Bawerk.

Joan Robinson and Edward Chamberlin.

John Neville Keynes and John Maynard Keynes.

David Hume and Adam Smith.

Explanation / Answer

6. Joan Robinson and Edward Chamberlin.

7. The firm determines its profit-maximizing output and then charges the price associated with the point on its demand curve directly above that quantity.

8. can earn positive, negative, or zero economic profits.

9. equal to ATC.

10. P = ATC, and ATC is not at its minimum value.

No explanation required

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