ECO402 Quiz 3 Solution and Discussion

Quiz # 03 Total Questions : 10
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The monopolist has no supply curve because:

All of the following options are true for monopoly EXCEPT?

A market with few entry barriers and with many firms that sell differentiated products is:

The monopolist that maximizes profit:

Which of the following is true for both perfectly competitive and monopolistically competitive firms in the long run?


If leisure is a normal good, then the income effect of a decrease in wage will:

When a firm charges each customer the maximum price that the customer is willing to pay, the firm:

In the Bertrand model with homogeneous products,

The most important factor in determining the long-run profit potential in monopolistic competition is:

Discrimination based upon the quantity consumed is referred to as ______________ price discrimination.