Lecture+23+quiz - C. Constant marginal cost at all output...

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Question 1: What is the main difference between a monopoly and a competitive firm? A. Their marginal cost curves are computed differently. B. Their average cost curves are computed differently. C. Their marginal revenue curves are computed differently. Quiz: Question 2: What feature of a firm defines it as a natural monopoly? A. Decreasing returns to scale at all output quantities. B. Declining average cost at all output quantities.
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Unformatted text preview: C. Constant marginal cost at all output quantities. Quiz: Question 3: What can be used as a measure of the degree of market power that a firm has? A. The price elasticity of supply. B. The price elasticity of demand. C. The degree of returns to scale. D. The degree of increasing marginal cost. E. The number of former executives currently working for the federal government. (Do not choose this answer.) Quiz:...
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Lecture+23+quiz - C. Constant marginal cost at all output...

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