1. Impossible Barriers to Entry Perfect Competition Monopolistic Competition Oligopoly Monopoly

2. No Barriers to Entry (2 answers) Perfect Competition Monopolistic Competition Oligopoly Monopoly

3. Interdependence Perfect Competition Monopolistic Competition Oligopoly Monopoly

4. Price Taker Perfect Competition Monopolistic Competition Oligopoly Monopoly

5. Soybean Farming Perfect Competition Monopolistic Competition Oligopoly Monopoly

6. Price Maker Perfect Competition Monopolistic Competition Oligopoly Monopoly

7. No Close Substitutes Perfect Competition Monopolistic Competition Oligopoly Monopoly

8. Unique product, but many close substitutes Perfect Competition Monopolistic Competition Oligopoly Monopoly

9. Compete through Quality and Advertising 2 Best Answers Perfect Competition Monopolistic Competition Identical Product Oligopoly Differentiated Product Oligopoly Monopoly

10. Long Run Economic Profit = ZERO 2 Answers Perfect Competition Monopolistic Competition Product Oligopoly Monopoly

11. Which is a fixed cost? Labor Cheese for a Pizza Shop Lease on Building Plastic spoons

12. In the short run, Marginal Cost usually Increases Decreases

13. In the short run, Marginal Productivity usually Increases Decreases

14. Marginal Benefit always Increases Diminishes

15. Airline Economies of Scale Legal Capital Costs Consumer Loyalty Control of Resources

16. Walmart Economies of Scale Legal Capital Costs Consumer Loyalty Control of Resources

17. Liquor Stores Economies of Scale Legal Capital Costs Consumer Loyalty Control of Resources

18. PPL Government Monopoly Natural Monopoly

19. Approves and Denies Mergers FTC

20. Example: Horizontal Merger Answers vary Burger King and McDonalds

21. Example: Vertical Merger Answers Vary Steel Company and Railroad

22. Profit Maximizing Quantity of Production MR = MC

23. In Perfect Competition, MR is the same as Price

24. Monopolies Higher or Lower Q? lower P? higher

25. Total Cost a Q of 0 Fixed cost

26. If firms in a perfectly competitive market are earning ZERO economic profit, firms will Enter Exit neither

27. OPEC is a ______ cartel

28. Profit Max. Q = 8

29. TR at Q8 = 160

30. Price at Q4 = 20

31. Profit at Q8 = 60

32. Fixed Cost = 9