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True or False
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1
The more sellers there are in the market for a product, the less control any one seller has over the price that it can charge.
A)True
B)False
2
To maximize profits a firm will produce the output level where MC = MR.
A)True
B)False
3
Marginal revenue for a monopolist is less than the price charged for the product.
A)True
B)False
4
Marginal revenue for a competitive firm is usually less than the price charged for the product.
A)True
B)False
5
If MR is less than MC, the firm should reduce its output in order to maximize profit.
A)True
B)False
6
The demand curve facing a competitive firm slopes downward.
A)True
B)False
7
The demand curve for a monopolist slopes downward.
A)True
B)False
8
A four firm concentration ratio of .9 indicates that the four largest firms control 90% of industry sales.
A)True
B)False
9
Without barriers to entry, a high profit monopoly is unlikely to maintain its monopoly status.
A)True
B)False
10
The agency problem is caused by the large number of government agencies regulating firms.
A)True
B)False





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