A market with few entry barriers and with many firms that sell differentiated products is:
• Purely competitive.
• A monopoly.
• Monopolistically competitive.
• Oligopolistic. (correct)
The total cost (TC) of producing computer software diskettes (Q) is given as: TC = 200 + 5Q. What is the total fixed cost?
• 5Q.
• 5.
• 5 + (200/Q).
None of the given options (correct)
Costs determine all of the following EXCEPT:
• Demand for a product. -(correct)
• Firm's behavior.
• How firms should expand?
• Firm's profitability.
A market with few entry barriers and with many firms that sell differentiated products is:
► Purely competitive.
► A monopoly.
► Monopolistically competitive.
► Oligopolistic. (Correct)
Marginal profit is equal to:
► Marginal revenue minus marginal cost. (correct)
► Marginal revenue plus marginal cost.
► Marginal cost minus marginal revenue.
► Marginal revenue times marginal cost.
