Microeconomics-

Question 9 A monopolist can sell 20 units of a product per day at a unit price of $10. To sell another unit it must reduce price to $9. The marginal revenue of the 21st unit is:

Question 9 options:

-$11. $21. -$10. $189.

Question 12 Downward-sloping product demand curves can be explained by diminishing marginal

Question 12 options: True False

Question 13 (3 points) The "income effect" explains an exception to the law of demand.

Question 13 options: True False

Question 17 (3 points) Although individual perfectly competitive firms can influence the price of their product, these firms as a group cannot influence market price.

Question 17 options: True False

Question 22 (4 points) In a perfectly competitive industry:

Question 22 options:

there may be economic profits in the short run, but not in the long run.

economic profits may persist in the long run if consumer demand is strong and stable.

there will be no economic profits in either the short run or the long run.

there may be economic profits in the long run, but not in the short run.

Question 27 (3 points) Oligopolists do not have sufficient financial resources to engage in product development and advertising.

Question 27 options: True False