True / False questions. For each of the following questions indicate true or false. Do NOT explain.In monopolistic competition market there are barriers to entry……..Short run supply curve of a competitive firm is the part of its marginal cost curve that lies below its average variable cost curve………..When long run average cost increases with scale of production, a firm faces economies of scale……..In the long run, in a perfectly competitive market firm has a positive economic profit…..Rising marginal cost intersects average variable cost(AVC) at the minimum point of AVC……Total product is maximum at the maximum point of marginal product…..Marginal utility curve is a graph shows all the combinations of goods and services that can be produced if all of society’s resources are used efficiently……Indifference curve is a set of points, each representing a combination of some amount of good X and some amount of good Y, that all yield the same amount of total utility…..

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Answered: In monopolistic competition market…

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter10: Monopolistic Competition And Oligopoly

Section: Chapter Questions

Problem 11PAE

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True / False questions.

For each of the following questions indicate true or false. Do NOT explain.

In monopolistic competition market there are barriers to entry……..
Short run supply curve of a competitive firm is the part of its marginal cost curve that lies below its average variable cost curve………..
When long run average cost increases with scale of production, a firm faces economies of scale……..
In the long run, in a perfectly competitive market firm has a positive economic profit…..
Rising marginal cost intersects average variable cost(AVC) at the minimum point of AVC……
Total product is maximum at the maximum point of marginal product…..
Marginal utility curve is a graph shows all the combinations of goods and services that can be produced if all of society’s resources are used efficiently……
Indifference curve is a set of points, each representing a combination of some amount of good X and some amount of good Y, that all yield the same amount of total utility…..

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