8. Which of the following best fits a Monopolistic market structure? a. Railways b. Fruits C. Airlines d. Jewelry stores 9. The firm's marginal cost curve is increasing because: a. marginal product is increasing. b. total fixed cost is increasing. c. marginal product is decreasing. d. average fixed cost is decreasing 10, How much profit a firm makes when the firm maximizes profit is measured by a. price times quantity, that is, PQ b. price minus total cost times quantity, that is, (P - TC)Q c. price minus average total cost times quantity, that is, (P - ATC)Q d. marginal revenue minus total cost times quantity, that is, (MR - TC)Q 11. If economists assume that a firm has fixed assets (cannot buy more fixed assets), then the only way to increase quantity is: Increase land Increase equipment C. Increase workers d. Both a and b All of the above utput [O) Price Marginal Revenue Average Revenue 12. Using the chart above, assume the firm above is in Perfect Competition. The Marginal Revenue at output of 2 would be: b. $2 C. $3 d. $4 13. Using the chart above, assume the firm above is in Perfect Competition. The Average Revenue at output of 2 would be: a. $1 b. $2 $3 d. $4 14. If the firm's Marginal Revenue is 15 and the Marginal Cost 12, they should production i. Increase b. Decrease c. not change d. indeterminate