A) F; (A)
B) G; (A)
C) H; (B)
D) I; (C)
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A) greater than average total cost.
B) equal to average total cost at an output below the point where average total cost is minimized.
C) equal to average total cost at its minimum.
D) equal to average total cost at an output above the point where average total cost is minimized.
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A) increases sales.
B) can convey information about the product.
C) can signal that firms are desperate for customers.
D) can decrease the costs of production.
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A) E; (B)
B) B; (A)
C) A; (A)
D) N; (C)
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A) reduce excess capacity.
B) increase demand for its product.
C) collude more effectively with other firms.
D) produce on the upward-sloping portion of its ATC curve.
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A) negative.
B) zero.
C) equal to the level shown in the figure.
D) Not enough information is given to answer the question.
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A) marginal revenue is less than zero.
B) price is less than marginal revenue.
C) marginal revenue is less than marginal cost.
D) price is less than average total cost.
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A) marginal revenue is greater than marginal cost.
B) price is less than marginal cost.
C) price is less than average total cost.
D) marginal revenue is less than marginal cost.
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A) monopolistically competitive.
B) oligopolistic.
C) perfectly competitive.
D) monopolistic.
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A) earns no economic profit.
B) charges a price equal to marginal cost.
C) charges a price greater than marginal cost.
D) charges a price equal to average total cost.
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A) tends to make markets more perfect.
B) leads to low-cost mass production.
C) results in higher prices to consumers.
D) encourages competition through new-product advertising.
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A) less; less
B) more; more
C) more; less
D) less; more
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A) a monopoly.
B) a duopoly.
C) an oligopoly.
D) monopolistically competitive.
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A) MR = MC and P = ATC.
B) MR = MC and P > ATC.
C) MR > MC and P = ATC.
D) P = MR = MC > ATC.
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A) profits will increase.
B) profits will remain at $1,800.
C) marginal revenue will be greater than marginal cost.
D) marginal revenue will be less than marginal cost.
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A) economic profits.
B) excess capacity.
C) advertising.
D) excess production.
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A) J.
B) K.
C) L.
D) M.
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