Market power results in companies that and that have compared to perfect competition. O have more elastic demand curves; less variation in costs have lower revenue; more elastic demand curves have higher costs; lower revenue O produce less; higher price

What are the three conditions for a market to be perfectly competitive? For a market to be perfectly competitive, there must be O A. many buyers and a small number of firms that compete, selling identical products, and barriers to new firms entering the market. O B. many buyers and one seller, with the firm producing a product that has no close substitutes, and barriers to new firms entering the market. OC. many buyers and a few sellers, with all firms selling identical products, and no barriers to new firms entering the market. O D. many buyers and sellers, with all firms selling identical products, and no barriers to new firms entering the market. O E. many buyers and sellers, with firms selling similar but not identical products, with low barriers new firms entering the market.

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Which one of these goods is likely to have the largest substitution effect? Select one: a. Skittles candy b. Honda Accord c. Flour d. Electricity e. Gasoline

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What is a price taker? A price taker is O A. a firm with a downward-sloping demand curve. O B. a firm that is unable to affect the market price. Oc. a firm with a perfectly inelastic demand curve. O D. a firm that has the ability to charge price greater than marginal cost. O E. a firm that does not seek to maximize profits. When are firms likely to be price takers? A firm is likely to be a price taker when O A. it sells a differentiated product. O B. barriers to entry are substantial. OC. it has market power. O D. it represents a small fraction of the total market,. O E. firms in the industry collude.

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Consider a firm with market power. As firms exit the industry: D O the firm's supply curve will shift leftward. O the firm's demand curve will become flatter. O the firm's average cost curve will shift upward. O the firm's demand curve will become steeper.

The table shown displays the total costs for various levels of output for a firm operating in a perfectly competitive market. Price $50 $50 $50 $50 $50 $56 When one unit is produced exceed O marginal costs, marginal revenue, more O marginal revenue; marginal costs more O marginal revenue, marginal costs; less Omarginal costs, marginal revenue, less and the fem should produce Quantity 0 1 2 3 4 15 TC $10.00 $20.00 $2750 $77 50 $147.50 $250 00

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