Nancy was a fruit vendor in her market there were

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Nancy was a fruit vendor. In her market there were many buyers andsellers. It was easy and cheap to start a vendor stand. Everyone’sfruits were basically identical.CONCEPTOligopoly10
Which of the scenarios below is an example of a monopoly?CONCEPT
Monopoly11Which of the following is NOT a trait of monopolistic competition?CONCEPT
Monopolistic Competition12If the variable costs for a firm are $57, the fixed costs are $143, andthe firm sells 40 units, what are the firm's average total costs?
$25.00$10.00$5.00CONCEPTCost: Total, Marginal and Average13The Prisoner's Dilemma can come into play when firms ___________.are forced to advertise and market their goods to consumersdecide whether to work together on things like price or productionlevelsengage in predatory pricing to move each other out of the marketare regulated by the government in order to provide fair pricing toconsumersCONCEPT
Oligopoly14Given the graph shown here, the firm should contemplate shuttingdown production at which of the following points?
When MC (the purple line) is greater than Q1
CONCEPTShut-down Point15Average total costs are equal to __________.CONCEPT
Cost: Total, Marginal and Average16Which of the following is true about the long run average costcurve?

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Term
Spring
Professor
CraigHovey
Tags
Economics, Microeconomics, Decreasing Cost Industries

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