1- For a single firm selling a homogeneous product, marginal revenue is the same as:

total revenue.

the sum of all input prices.

the firm's price.

marginal cost.

marginal product.

2-Firms in the Monopolistic Competition market type:

Have no ability to develop product loyalty

Compete with a few dominant firms,

Have complete control over price.

Produce a differentiated product,

3- Firms in the Monopoly market type:

Have complete control over price.

Produce a differentiated product,

Have no ability to develop product loyalty,

Compete with a few dominant firms,

4- When average total cost shifts rightward and lower in larger plants, we say that production involves:

diseconomies of scale.

constant economies of scale.

the law of diminishing returns.

economies of scale.

the Giffen Effect.

5- Economies of scale occur when:

the coordination problem outweighs the impact of the division of labor and management.

the law of diminishing returns is eliminated.

the added drawbacks of expansion are outweighed by the added benefits.

the added drawbacks of expansion outweigh the added benefits.

6- The basic benefit of plant expansion:

will always outweigh the drawbacks.

is a reduction in Total Fixed Costs.

is a postponing of the crowding problem.

is avoiding a coordination problem.

none of the others is true.