ECON 705 Mod 6 Self-Assessment (GRADED A+) Questions and Answers 100 out 100.
ECON 705 Mod 6 Self-Assessment (GRADED A+) Questions and Answers 100 out 100. Mod. 6 Self-Assessment 1. The ability of a firm to raise its price while still maintaining a certain amount of sales means that the firm Select one: a. produces a complementary good. b. faces perfectly elastic demand for its product. c. produces a perfect substitute for the other products in the industry. d. has market power. 2. All of the following could be a barrier to entry except Select one: a. large economies of scale. b. occupational licenses (e.g., teacher certification, lawyers passing the bar exam, etc.). c. government-granted monopoly rights, as exists for many utility companies in cities. d. low fixed costs. 3. A firm with market power has a demand curve that slopes downward; this implies that Select one: a. price is less than marginal revenue. b. the selling price of the current unit must be set equal to the selling price of the previous unit sold. c. it must continually lower price on successive units in order to continue selling. d. marginal revenue is greater than marginal cost.
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