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4. Topper Candies accepts a subsidy to continue running. Which of the following most likely caused this?
Answer
Correct Answer:
Government regulations
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5. With monopolistic competition, society pays ______ for a product than it costs society to ______ it.
Answer
Correct Answer:
More; produce
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6. In monopolistic competition, many industries ______.
Answer
Correct Answer:
Have too many firms
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7. P* - ATC is used to determine ______.
Answer
Correct Answer:
Per unit profits
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8. For Janet’s company last year, the total revenue was $40,000 and the total cost was $50,000 at q*. As a result, Janet’s firm is ______.
Answer
Correct Answer:
Generating total economic losses
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9. If many firms producing similar products enter the market, the demand curve for existing firms producing this type of product will become more ______.
Answer
Correct Answer:
Elastic
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10. When do the most firms enter a market?
Answer
Correct Answer:
When there are economic profits
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11. If total revenue is greater than total costs at q*, the firm is generating ______.
Answer
Correct Answer:
Total economic profits
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12. Which of the following is an accurate statement about monopolistic competition?
Answer
Correct Answer:
Firms produce products that are somewhat different.
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13. Which of the following types of markets would most likely have numerous, fierce competitors?
Answer
Correct Answer:
Monopolistic competition
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14. A firm produces an SUV that is bright red, and a competitor produces one that is maroon. What type of product differentiation does this example show?
Answer
Correct Answer:
Physical differences
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15. A restaurant does better than nearby restaurants because it is the only one inside a busy train station. What type of product differentiation does this example show?
Answer
Correct Answer:
Location
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16. Product differentiation is when goods or services are slightly _____ from one another.
Answer
Correct Answer:
Different
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17. A market structure with many firms selling differentiated products is called monopolistic competition.
Answer
Correct Answer:
True
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18. In excess capacity the average total cost is _____.
Answer
Correct Answer:
Minimized
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