Nancy was a fruit vendor in her market there were


Nancy was a fruit vendor. In her market there were many buyers and
sellers. It was easy and cheap to start a vendor stand. Everyone’s
fruits were basically identical.
CONCEPT
Oligopoly
10

Which of the scenarios below is an example of a monopoly?
CONCEPT
Monopoly
11
Which of the following is NOT a trait of monopolistic competition?
CONCEPT
Monopolistic Competition
12
If the variable costs for a firm are $57, the fixed costs are $143, and
the firm sells 40 units, what are the firm's average total costs?

$25.00

$10.00

$5.00
CONCEPT
Cost: Total, Marginal and Average
13
The Prisoner's Dilemma can come into play when firms ___________.

are forced to advertise and market their goods to consumers

decide whether to work together on things like price or production
levels

engage in predatory pricing to move each other out of the market

are regulated by the government in order to provide fair pricing to
consumers
CONCEPT
Oligopoly
14
Given the graph shown here, the firm should contemplate shutting
down production at which of the following points?
When MC (the purple line) is greater than Q1

CONCEPT
Shut-down Point
15
Average total costs are equal to __________.
CONCEPT
Cost: Total, Marginal and Average
16
Which of the following is true about the long run average cost
curve?