assignment-5

assignment-5 - Econ 110L2 Spring, 2011 Homework Assignment...

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P(cents per newspaper 100 20 500 Q(newspaper per day) Econ 110L2 Spring, 2011 Homework Assignment #5 Due on April 28 Thursday 11:50am in Room 2394 I. Multiple Choices (5 points each, 20 points total)  1.  The marginal revenue curve for a single-price monopoly A) lies below its demand curve. B) coincides with its demand curve. C) lies above its demand curve. D) is horizontal. 2. For a single-price monopoly, marginal revenue is ________ when demand is elastic and is ________ when demand is inelastic. A) negative; negative B) negative; positive C) positive; negative D) positive; positive 3. Which of the following statements is FALSE concerning monopolistic competition? A) There are many firms. B) Firms sell a differentiated product. C) Each firm's actions influence rival firms. D) Firms are free to enter and exit. 4. Which of the following is true regarding the long run for a firm in monopolistic competition? A)
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assignment-5 - Econ 110L2 Spring, 2011 Homework Assignment...

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