30. For a profit maximizing, nondiscriminating imperfectly competitive firm, if the government imposed a price ceiling at the allocationy efficient level of output, what would NOT be true?: A) The firm would be productively efficient B) A subsidy might be needed to offset economic losses C) Output would increase D) Price would drop 31. The long-run scenario for a monopolistically competitive firm includes: A) anormal profit and marginal revenue is perfectly elastic B) P=ATC=MR C) there is normal profit and price equals marginal cost. D) production taking place at minimum ATC. E) they are allocationy efficient. evlevilau 32. Excess capacity refers to: A) a monopoly's limit to the quantity supplied B) a monopolistic Competition does not produce where P = MC C) all imperfectly competitive firms either limit the price or the quantity to maximize profit D) how a monopolistic competition maximizes profit and not productive efficiency. E) how most monopolistically competitive firms encounter diseconomies of scale. 33. The nondiscriminating monopolist will: A) have a perfectly elastic demand curve. B) have a price equal to the marginal revenue curve. C) have a demand curve that is less elastic than a monopolistic competition. D) maximize losses where MR=MC E) None of the choices--price discrimination is illegal 34. If a regulated monopoly is selling its 35th unit of output for $100, its marginal revenue: A) may be either greater or less than $100. D) will be greater than $100. B) will also be equal to $100. "ofit in the long E) will be less than $35 C) will be less than $100. artsyon s il dellogonom Iswater 35. Game theory can be used to demonstrate: A) large numbers of firms can create a collusive market. B) how price wars increase profits C) how in a market with a low concentration ratio, firms will act in their own self interest D) how either homogeneous or differentiated products can earn high profits E) high barriers to entry and strategic pricing can increase profits