Monopolistically competitive firms sell goods that are
d.not differentiated products
32. Distinct from any other market structure, the firm in long-run perfect competition ends up
a.P = MR = MC = ATC, and AFC = 0
b.P > MR = MC = ATC, and AFC = 0
d.P = MR = MC = ATC, where ATC = (AFC + AVC)
e.P > MR and ATC > MC, where MC = (AFC + AVC)
33. If there is an economic profit in monopolistic competition, there is
a.an incentive for new firms to enter
b.an incentive for existing firms to increase prices
c.at least one firm engaged in advertising
d.an incentive for existing firms to decrease prices
e.the absence of product differentiation
34. Which statement is not consistent with Joseph Schumpeter’s hypothesis?
a.Monopolies use profit to invest in research and development.
b.Monopolies end up being more efficient than competitive firms.
c.Monopoly prices end up being lower than prices generated in perfect competition.
d.Perfect competition is more conducive to innovation than monopoly.
e.Perfect competition is more efficient than monopoly.
35. In the text, when the Nick Rudd Ice Company starts as a monopoly and then finally faces
competition from a new entering ice company, its
a.price falls, its economic profit falls, but its output increases
b.price falls, its economic profit falls, and its ATC falls
c.price falls, its economic profit falls, and it faces a more elastic demand curve
d.price increases, its economic profit falls, and it faces a less elastic demand curve
e.ATC falls, its economic profit falls, and it faces a less elastic demand curve
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