|minimizing total variable costs.
____ 15. Refer to Exhibit 24-4. The profit-maximizing single-price monopolist’s maximum profit is
____ 16. Refer to Exhibit 24-4. What dollar amounts go in blanks (A), (B), (C), (D), and (E), respectively?
____ 17. Refer to Exhibit 24-4. What dollar amounts go in blanks (O), (P), (Q), and (R), respectively?
____ 18. Refer to Exhibit 24-8. A profit-maximizing single-price monopolist will set the price at
____ 19. When the monopoly firm sells two units of its product, it earns total revenue of $260 and it incurs a total cost of $210. If its marginal revenue for the second unit was $110, what was the marginal revenue of the first unit?
____ 20. Refer to Exhibit 24-9. A single-price monopolist that seeks to maximize profits will sell __________ units and charge a per-unit price of __________ dollars.
____ 21. Refer to Exhibit 24-9. A single-price monopolist earns a total profit of __________ when it produces and sells 20 units of its good.
Some monopolistic competitive firms may earn positive economic profits in the long run because of
Because of one assumption in the theory of monopolistic competition, the excess capacity theorem exists. What is the assumption?
____ 30. In monopolistic competition, firms can compete in terms of
____ 31. A monopolistic competitor has a demand curve that is ___________ elastic than a perfectly competitive firm’s demand curve and ______________ a monopolistic firm’s demand curve.
____ 32. Refer to Exhibit 25-7. Fixed costs are equal to.
____ 33. Refer to Exhibit 25-7. The marginal cost of the 700th unit produced equals
____ 34. Refer to Exhibit 25-7. The marginal revenue of the 700th unit produced equals
____ 35. Refer to Exhibit 25-8. A profit-maximizing monopolistic competitive firm will produce ______________ units of output and charge a price of