11. Which of the following is FALSE?

Group of answer choices

The marginal cost curve slopes up because of diminishing productivity

The marginal revenue curve is flat because you're a price taker

Adding small additional quantities will change the overall market price

Produce where marginal revenue equals marginal cost to max profit

All of the above

12. Cocca Taco is

Group of answer choices

a monopoly

a duopoly

perfect competition

monopolistic competitive

All of the above

13. A company that can differentiate its business

Group of answer choices

typically can increase the price and/or quantity

is desirable to separate your business from the competition

usually faces a trade-off with price and quality

is not a farm or gas station

All of the above

None of the above

14. A farmer

Group of answer choices

could differentiate based on organic products

could work with the milk industry and create a commercial (milk does a body good) to shift the demand curve for all milk which would help all the farmers

that produces cow milk has decreased demand since it is viewed as unhealthy and has also been hurt since the supply of substitutes has entered the market (almond, soy, coconut milk, etc)

could be an occupation I have no interest in pursuing, but there are economic dynamics applicable to many different industries and product/services

All of the above

None of the above

15. Wawa

Group of answer choices

is a great economic business, it is a monopoly

is a bad economic business with products that have low barriers to entry and is a price taker, but Wawa uses complimentary services along with efficient operations and branding to create a competitive advantage

doesn't have to worry about competitors

None of the above

19. If your business is a price taker

Group of answer choices

you're at the mercy of the market and there isn't any protection

there are insurance companies and future contracts available to hedge your risk, so you can focus on your business

you get good pricing when buying products

All of the above