31- Monopolist behavior

If a viable monopolist must pay a new franchise tax ( a flat sum to operate), he will unless profits fall below zero: a) increase output. b) decrease output. c) lower price. d) make no change in price or quantity, but earn less profits e) raise price to keep profits at the same level.

33 - Marginal Revenue and the Maximum Profit Rule

If a firm finds that its MR exceeds its MC, then the Maximum Profit rules require the firm to: a) increase its output in perfect, but not necessarily imperfect competition b) increase its output in imperfect, but not necessarily in perfect competition. c) increse its output in both perfect and imperfect competition d) decrease its output in both perfect and imperfect competition e) do none of the above

45 - Firm Collusion for Profit sharing

Suppose that two firms, A and B, collude to share maximum profits. If the average cost curve for Firm A is higher than the average cost curve for firm B at every output, then a) firm A should produce nothing. b) firm A should produce output as long as its marginal cost is less than Firm B's c) both firms should produce where their marginal costs are equal to some number that exceed marginal revenue. d) both firms should produce where their marginal costs are equal to marginal revenue e) optimal output cannot be determined from the information profided

63 - Marginal Revenue Product & Input

The MRP of an input is: a) the selling price of the last unit of OUTPUT b) the increment of total revenue resulting from the use of an additional unit of input. c) used in determining marginal product d) harder to determine in pure competition than in monopoly e) harder to determine in pure competition than in oligopoly

64- Perfectly Competitive Firms

A perfectly competitive firm should hire an additional worker only if: a) total revenue is less than total cost. b) the worker's marginal revenue product is less than the wage rate. c) the worker's marginal product falls. d) the worker's marginal product rises. e) the worker's marginal revenue product exceeds the wage rate.