Which of the following is/are correct with regard to the short-run equilibrium of the firm under monopoly? [I]: Marginal revenue lies above average revenue. [II]: Profit is maximised at the output level where marginal revenue equals marginal cost. [III]: Economic profit could be made by the firm. A. [I] and [II] only B. [I] and [III] only C. [II] and [III] only D. [I], [II] and [III] E. None of the aboveWhen firms collude, how do they primarily reduce the competitiveness of the market? A. They influence the nature of the good sold. B. They block entry for other firms. C. The absolute number of firms is reduced. D. A single firm has more power over setting the price. E. They withhold information from buyers.Which of the following is/are the characteristic(s) of the market system? [I]: It works like an invisible hand. [III]: Decisions are made based on self-interest. [III]: Most factors of production are privately owned. A. [I] and [II] only B. [I] and [III] only C. [II] and [III] only D. [I], [II] and [III] E. [I] only

There are three MCQ We have to choose correct options.

Answered: Which of the following is/are correct…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

Which of the following is/are correct with regard to the short-run equilibrium of the firm under monopoly? [I]: Marginal revenue lies above average revenue. [II]: Profit is maximised at the output level where marginal revenue equals marginal cost. [III]: Economic profit could be made by the firm.

A. [I] and [II] only
B. [I] and [III] only
C. [II] and [III] only
D. [I], [II] and [III]
E. None of the above

When firms collude, how do they primarily reduce the competitiveness of the market?

A. They influence the nature of the good sold.
B. They block entry for other firms.
C. The absolute number of firms is reduced.
D. A single firm has more power over setting the price.
E. They withhold information from buyers.

Which of the following is/are the characteristic(s) of the market system? [I]: It works like an invisible hand. [III]: Decisions are made based on self-interest. [III]: Most factors of production are privately owned.