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Exhibit 253 

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Exhibit 253 

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A monopolist is a _______________ and a monopolistic competitive firm is 

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The monopolistic competitive firm will most likely earn a normal profit in the long run because of 

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Some monopolistic competitive firms may earn positive economic profits in the long run because of 

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Excess capacity results from a 

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Which of the following is an assumption of the theory of oligopoly? 

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Exhibit 253 

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Exhibit 258


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In the prisoner's dilemma, each prisoner would be best off if 

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If the fourfirm concentration ratio is 0.45, and the top four firms account for $10 million in sales, it follows that total industry sales equal 

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Which of the following is an example of a monopolistic competitor? 

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The theory of contestable markets concludes that 

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The eightfirm concentration ratio for an industry is 0.80. If the top four firms in the industry account for $45 million in sales, what do total sales equal? 

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Generally, the monopolistic competitor is in long run equilibrium when 

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In long run equilibrium, a monopolistic competitive firm's price will 

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The excess capacity theorem holds for a (n) __________, and states that in the long run the firm produces an output __________. 

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If a perfectly competitive firm and a monopolistic competitor in long run equilibrium face exactly the same demand and cost curves, then there is high probability that 

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Which of the following is true? 

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Exhibit 257


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