Question :
11) Kevin owns a personal training gymnasium in Orlando. The : 1226248
11) Kevin owns a personal training gymnasium in Orlando. The above figure shows the demand and cost curves for his firm, which competes in a monopolistically competitive market. Kevin will train how many clients per day?
A) 4
B) 6
C) 10
D) between 2 and 4
E) None of the above answers is correct.
12) Kevin owns a personal training gymnasium in Orlando. The above figure shows the demand and cost curves for his firm, which competes in a monopolistically competitive market. What price will Kevin charge per session?
A) $100
B) $60
C) $40
D) $20
E) $80
13) Kevin owns a personal training gymnasium in Orlando. The above figure shows the demand and cost curves for his firm, which competes in a monopolistically competitive market. If Kevin trains 5 clients per day, he will ________ his profit and will ________.
A) maximize; make zero economic profit
B) not maximize; make zero economic profit anyway
C) maximize; make an economic profit
D) not maximize; make an economic profit anyway
E) not maximize; incur an economic loss
14) The above figure shows a restaurant engaged in monopolistic competition with other restaurants. The equilibrium price at this restaurant is ________ per meal.
A) $20
B) $30
C) $50
D) less than $20
E) more than $50
15) The above figure shows a restaurant engaged in monopolistic competition with other restaurants. The equilibrium quantity at this restaurant is ________ meals per day.
A) less than 150
B) between 151 and 250
C) between 251 and 350
D) between 451 and 450
E) more than 451
16) The above figure shows a motel engaged in monopolistic competition with other motels. The equilibrium price at this motel is ________ per room.
A) $20
B) $30
C) $40
D) $50
E) $10
17) The above figure shows a motel engaged in monopolistic competition with other motels. The equilibrium quantity at this motel is ________ rooms per day.
A) 200
B) 300
C) 400
D) 500
E) 100
18) The above figure shows a motel engaged in monopolistic competition with other motels. the figure above shows the ________ equilibrium in which the motel is ________ .
A) short-run; making an economic profit
B) short-run; making zero economic profit
C) long-run; making an economic profit
D) long-run; making zero economic profit
E) short-run; incurring an economic loss
19) The major difference between monopolistic competition and monopoly is
A) monopoly is a price setter and a firm in monopolistic competition is a price taker.
B) only a monopoly can make an economic profit in the long run.
C) only a firm in monopolistic competition can make an economic profit in the short run.
D) how the quantity of output is determined.
E) only firms in monopolistic competition are protected by barriers to entry.
20) In the long run in monopolistic competition, firms
A) can make an economic profit.
B) incur an economic loss.
C) make zero economic profit.
D) shut down if they are making zero economic profit.
E) make either an economic profit or zero economic profit.
