Price Quantity Demanded $10 1 $9 2 $8 3 $5 4 $1 5 The table above shows the demand schedule facing a nondiscriminating monopolist. Assume that this monopolist faces zero production costs. The profit-maximizing monopolist will set a price of $______Please do not input the $ sign. If your answer is $200 please input 200 for your answer.

The demand and marginal revenue curves are downsloping for monopolistically competitive firms because:

If at its long-run equilibrium output a purely competitive firm’s  minimum average total cost is $10, the average variable cost is $6, and the average fixed cost is $4, then at the equilibrium output, the firm’s marginal cost is $ ______Please do not input the $ sign. If your answer is $200 please input 200 for your answer.

Consider a monopolistically competitive firm which sells 200 units of output per month.  At that output level, MR = MC = $6, total variable costs = $800 and average total fixed costs = $3. The firm charges $10 for each unit of output. This firm is making a profit or loss equal to $____Please do not input the $ sign. If your answer is $200 please input 200 for your answer.

Price Output $23 10 $20 20 $18 30 $16 40 $14 50 $12 60 $8 80 The table above provides information for a monopolistically competitive firm. The profit-maximizing output is:

When a regulatory agency’s objective is to establish a socially optimal price for a natural monopoly, it should select a price at which the marginal cost curve intersects the demand curve.

The term oligopoly indicates

Which of the following is an example of an excise tax?

If at its long-run equilibrium output a purely competitive firm’s  price is $14, and the minimum average variable cost is $10, then the firm’s marginal revenue is $_____Please do not input the $ sign. If your answer is $200 please input 200 for your answer.

A checklist is a valuable supervisory tool to use when developing an orientation program.