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1. Which of the following is true for perfect competition but not true for monopolistic competition and monopoly?a. MC = MR.b. P = MC.c. Positive long run profits.d. Both b and c.
2. Profit margin equals:a. marginal cost minus marginal revenue.b. average cost minus average revenue.c. average cost minus average variable cost.d. price minus cost.
3. If a firm charges a price of $10 for a product with a marginal cost of $4, the markup on cost equals:a. 67%b. 33%c. 150%d. 50%
4. When Ep = - 2, the optimal markup on cost is:a. 33%b. 67%c. 100%d. 200%
5. If the optimal markup on cost is 40%, the optimal markup on price is:a. 15%b. 28%c. 45%d. 60%
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those polices were predicated on 1930s Keynesian assumptions that economic recoveries always run out of steam and at certain points need artificial stimulation of demand and fine-tuning to keep them running at acceptable levels .The evidince of th..
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