1.in long-run equilibrium in a perfectly competitive market, all firms will be operationg at the same level of marginal cost.
True or False
2.a perfectly competitive firm's supply curve is its marginal cost curve above the average variable cost curve
True or False
3.the market for new drugs is not usually perfectly competitive since the companies manufacturing these drugs are usually granted patents, and this restricts entry into the industry
True or False
4.the main reason a monopoly engages in price discrimination is that:
a.it wants to discriminate against a particular ethnic group
b.doing so increases its profits
c.it wants to discourage potential competitors
d.by charging a lower price to some people, it may succeed in discouraging efforts to regulate it
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