Question : 11) Kevin owns a personal training gymnasium in Orlando. The : 1241286

 

 

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 figure above shows Firm X, a firm that is maximizing profit. The firm is making an economic ________ because it produces ________ units and charges ________ per unit.

A) loss; 100; $20

B) profit; 100; $10

C) profit; 100; $30

D) loss; 120; $28

E) loss; 110; $20

 

20) The figure above shows Firm X. The firm is operating in the ________ because it ________.

A) short run; minimizes its loss when it produces 100 units

B) short run; maximizes profit when it produces 110 units

C) short run; minimizes its loss when it produces 110 units

D) long run; minimizes its loss when it produces 100 units

E) long run; maximizes profit when it charges $30 per unit

21) The figure above shows Firm X.  The firm is a monopolistically competitive market. The firm makes an ________ in the short run but will ________ in the long run.

A) economic loss of $10 per unit; go out of business or make a zero economic profit

B) economic loss of $2 per unit; make an economic profit

C) economic profit $10 per unit; make zero economic profit

D) economic profit of $1000; definitely go out of business

E) economic loss of $10 per unit; definitely face more competition