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chapter9 practice questions

chapter9 practice questions - Chapter 9 I Multiple Choice...

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Chapter 9 I. Multiple Choice Questions: 1. An imperfectly competitive firm is one A) that attempts but fails to compete perfectly. B) with the ability to set price at any level it wishes. C) that possesses some degree of control over its price. D) that faces perfectly inelastic demand. 2. If a firm functions in an oligopoly, it 3. In order to sell another unit, an imperfectly competitive firm must 4. Suppose a firm is collecting $100 in total revenues when it sells 10 units and it receives $110 in total revenues when it sells 11 units. The firm is a(n) 5. A downward sloping demand function A) is characteristic of both a perfectly competitive firm and a monopolistic firm. B) necessarily implies that the firm's marginal revenue will be less than price. C) is true only of firms in a perfectly competitive industry. D) indicates the presence of economies of scale. 6. To sell an extra unit of output, a perfect competitor __________ while an imperfect competitor __________. 1
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Use the following to answer questions 7-9: In exchange for a share in the revenues earned on campus, State U has granted CheapFizz the exclusive right to sell soft drinks in the student union and in vending machines on campus. Prior to the deal, three soft drink companies sold beverages on campus; now no other soft drink company is allowed to sell its products on campus or at university events.
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