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1)Because a monopolistic firm must lower price to increase sales, marginal revenue is ______ than the price for any level of output except the first. Response option group higher same less greater than or equal 2)In a pure monopoly, modern technology means that some industries can only achieve efficient and low-cost production if the producers are extremely large: Response option group relative to the market relative to the market and in absolute terms regardless of the market in absolute terms 3)The market that is characterized by a large number of sellers who generate different products, and that the difference is the basis for the promotion and development of the products is: Response option group oligopoly monopoly monopolistic competition perfect competition 4)The essential difference between a pure monopolist and a perfectly competitive seller is found in: Response option group the supply side of the market the demand side of the market the quantity produced the market price 5)In perfect competition, when the price is greater than the marginal cost, there is: Response option group productive allocation over-allocation efficient allocation poor allocation 6)Since you must lower the price to increase sales, the marginal revenue curve of an imperfectly competitive firm is by: Response option group below its downward-sloping demand curve above its upward-sloping demand curve below its upward-sloping demand curve above its downward-sloping demand curve 7)If the price increases by the total amount of the tax, the ________ pay the tax. Response option group suppliers competitors buyers producers 8)A maximum price is a regulation that states that it is: Response option group necessary to charge a price higher than the market equilibrium illegal to charge a price higher than a specified level necessary to charge a price equal to the market equilibrium legal to charge a price higher than a specified level 9)If the minimum wage is set below the equilibrium wage, Response option group it has less effect than necessary on the market. it has no effect on the market. its effect is equal to that of the market. it has more effect than necessary in the market. 10)If the minimum wage is set above the equilibrium wage, the quantity of labor supplied by workers is _______ to the quantity demanded by employers. Response option group higher lower less same