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202PS12 - Problem Set 12 Econ 202(03 04 and 05 Spring...

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Problem Set 12 Econ 202 (03, 04, and 05) Spring 2003 (Dr. Tin-Chun Lin) 1. Which of the following is a difference between a monopolist and a firm in perfect competition? For the monopolist: (A) The marginal revenue curve is downward-sloping. (B) Marginal revenue equals price. (C) Economic profits are zero in the long run. (D) The marginal revenue curve lies above the demand curve. (Answer: (A)) 2. At the point where the marginal revenue equals zero for a monopolist facing a downward- sloping straight-line demand curve, total revenue is: 3. Both a perfectly competitive firm and a monopolist:
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