Select answer for below Qs.1.Monopolies arise becausea. competitive firms fail to produce quality productsb. diseconomies of scale may require one very large producer to minimize long-run average costsc. there are many substitute productsd. of barriers to entry that prohibit competitors from entering the industrye. of all the above2.In the short -run, which of the following firms should attempt to produce where average total costs are at a minimum in order to maximize profits to minimize losses?a. a perfectly competitive firmb. Lipsey and Steiner’s Economics Chapter 19, a monopolistically competitive firmc. an oligopolyd. a monopolye. none of the above3.If the price is less than the average total cost for a perfectly competitive firm in the short-run, then the firma. is earning an economic profit.b. should continue to operate as long as price is above the average variable costc. should shut downd. should continue to operate as long as price is above the average fixed cost.e. is breaking even4.In the long run, i f a perfectly competitive industry has some firms suffering losses, we can expecta. the market supply curve to shift to the leftb. those firms losing money to leave the industryc. the market price to rised. losses in the industry to disappeare. all of the above5.If a firm in a perfectly competitive industry takes advantage of economies of scale and expands its production facilities, thena. we must be in the long run because plant size is not fixed.b. its cost curves will shift down, enabling it to earn a greaterprofit, at least for a little while.c. other firms will be forced to do the same to survive.d. the market price is decreased because of greater output finding its way to the market.e. all of the above.
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