CH 14 MICRO HW - Custom Scholars
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CH 14 MICRO HW

question
Monopolistic competition is a market structure in which a​ ______ number of firms compete and each firm produces a​ ______ product.
answer
large; differentiated
question
Firms in monopolistic competition compete on​ ______ and firms​ ______ .
answer
product​ quality, price, and​ marketing; are free to enter and exit
question
Because of product​ differentiation, a firm in monopolistic competition faces​ _______ demand curve for the good it produces.
answer
a downward-sloping
question
When firms in monopolistic competition are making positive economic profit in the short​ run, ______.
answer
new firms​ enter, and the demand for the good produced by each firm decreases until price equals average total cost
question
Monopolistic competition might be efficient if​ _______.
answer
the loss that arises because the quantity produced is less than the efficient quantity is offset by the gain that arises from having a greater degree of product variety
question
If in the short​ run, firms in monopolistic competition​ _______, then in the long​ run, new firms will enter the market.
answer
make an economic profit
question
The​ ______ the good produced by each individual firm will​ ______.
answer
demand​ for; decrease
question
In the new​ long-run equilibrium, firms​ _______.
answer
make zero economic profit
question
A​ firm's markup is the amount by which​ ______ exceeds​ ______.
answer
price; marginal cost
question
A firm in perfect competition has​ ______.
answer
no markup
question
Excess capacity is the amount by which the​ _____ exceeds the quantity that the firm produces.
answer
efficient scale
question
Which of the following firms produce at the efficient scale​?
answer
Dell produces 100 computers a week at which its average total cost is minimized.
question
Other than by adjusting​ price, the two main ways in which a firm in monopolistic competition competes with other firms are by​ ______ and​ ______.
answer
product​ development; advertising
question
The pricing rule that achieves an efficient outcome for a regulated monopoly is the​ ______.

This rule is difficult to implement because​ ______.
answer
marginal cost pricing​ rule;
the monopoly incurs an economic loss
question
An average cost pricing rule sets​ _______ equal to average total cost.

An average cost pricing rule is not an efficient way of regulating monopoly because at the quantity produced​ _______.
answer
​price;
marginal benefit exceeds marginal cost
question
Social interest theory is the theory that​ _____ achieves an​ _____ allocation of resources.

Capture theory is the theory that the regulation serves the​ self-interest of the producer and results in​ _____, _____, and deadweight loss.
answer
regulation; efficient;
maximum​ profit; underproduction
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question
Monopolistic competition is a market structure in which a​ ______ number of firms compete and each firm produces a​ ______ product.
answer
large; differentiated
question
Firms in monopolistic competition compete on​ ______ and firms​ ______ .
answer
product​ quality, price, and​ marketing; are free to enter and exit
question
Because of product​ differentiation, a firm in monopolistic competition faces​ _______ demand curve for the good it produces.
answer
a downward-sloping
question
When firms in monopolistic competition are making positive economic profit in the short​ run, ______.
answer
new firms​ enter, and the demand for the good produced by each firm decreases until price equals average total cost
question
Monopolistic competition might be efficient if​ _______.
answer
the loss that arises because the quantity produced is less than the efficient quantity is offset by the gain that arises from having a greater degree of product variety
question
If in the short​ run, firms in monopolistic competition​ _______, then in the long​ run, new firms will enter the market.
answer
make an economic profit
question
The​ ______ the good produced by each individual firm will​ ______.
answer
demand​ for; decrease
question
In the new​ long-run equilibrium, firms​ _______.
answer
make zero economic profit
question
A​ firm's markup is the amount by which​ ______ exceeds​ ______.
answer
price; marginal cost
question
A firm in perfect competition has​ ______.
answer
no markup
question
Excess capacity is the amount by which the​ _____ exceeds the quantity that the firm produces.
answer
efficient scale
question
Which of the following firms produce at the efficient scale​?
answer
Dell produces 100 computers a week at which its average total cost is minimized.
question
Other than by adjusting​ price, the two main ways in which a firm in monopolistic competition competes with other firms are by​ ______ and​ ______.
answer
product​ development; advertising
question
The pricing rule that achieves an efficient outcome for a regulated monopoly is the​ ______.

This rule is difficult to implement because​ ______.
answer
marginal cost pricing​ rule;
the monopoly incurs an economic loss
question
An average cost pricing rule sets​ _______ equal to average total cost.

An average cost pricing rule is not an efficient way of regulating monopoly because at the quantity produced​ _______.
answer
​price;
marginal benefit exceeds marginal cost
question
Social interest theory is the theory that​ _____ achieves an​ _____ allocation of resources.

Capture theory is the theory that the regulation serves the​ self-interest of the producer and results in​ _____, _____, and deadweight loss.
answer
regulation; efficient;
maximum​ profit; underproduction

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