Firms in Industries That Have Competitors but Do Not Face

question 434

Multiple Choice

Firms in industries that have competitors but do not face so much competition that they are price takers are operating in either a(n)

• A)oligopoly or perfectly competitive market.
• B)oligopoly or monopoly market.
• C)oligopoly or monopolistically competitive market.
• D)monopoly or monopolistically competitive market.

Understand the relationship between economic profits, average total cost, and average variable cost in the short run.

Analyze the impact of market structures on firm competition and profitability, with a focus on perfect competition.

Comprehend the concept of producer surplus and its relation to firm and market economics.

Evaluate the effects of technological innovation and input prices on a firm’s cost curves and optimal output.