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losest to which type of market? monopolistic competition oligopoly perfect competition monopoly Question 34 what does an economic profit of zero mean?...

Question 33

a hair styling salon is closest to which type of market?

monopolistic competition

oligopoly

perfect competition

monopoly

 

Question 34

what does an economic profit of zero mean?

the firm is earning equal to its alternative earnings

the firm is earning at the shut down level

the firm is earning zero dollars

all the firms in the market are earning the same amount

 

Question 35

in perfect competition, why is marginal revenue equal to price?

actually, marginal revenue is less than price for the firm

because the elasticity of demand is equal to negative one

because the firm receives the market price for each sale

because as the firm makes more sales, it must charge a lower price

 

Question 36

which is NOT a barrier to entry into a market

economies of scale

government restrictions on entry

the ability to set price for its products

restricted ownership of resources

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