Chapter 8 Answers
Answers to Review Questions
1. The pure monopolist, the oligopolist, and the monopolistically competitive firm all face downwardsloping demand curves.
2. A firm with market power is one that faces a downward-sloping demand curve for its
NCC 5020 Lecture 2
Should there be ten sections of NCC 5020 or only one?
Students learn more effectively in smaller classes.
But smaller classes are also more expensive.
Some relevant costs:
Faculty salary: $75,000 per course
Per student faculty salary co