Which of the following is most likely to be a Monopoly?

	A local auto dealership
	A local water company
	A local retail clothing store
	A local real estate company.

A monopolistically competitive firm may earn abnormally high profits in the

	Long run, but after entry occurs the short-term perceived demand curve shifts to the right
	Short run, but after entry occur, the long-term perceived demand curve shifts to the right.
	Short term, but the process of entry will drive those profits to zero in the long run
	Long term, but the process of entry will drive those profits to zero in the short run

Government ____________regulations specify that inventors will maintain exclusive legal rights to their respective inventions for _____________.

	trade secret; limited time
	unlimited time; copyright
	trademark; unlimited time
	patent; limited time

The XYX Steel slashes prices drastically as an attempt to discourage short run competition, this is a strategy known as:

	price fixing
	predatory pricing
	competition
	collusion

Deregulation occurs when a government eliminates or scales back rules relating to all but one of the following. Which one is it?

	Barriers to entry in certain industries
	Prices that can be charged
	Natural Monopoly
	Patents and copyrights

When the marginal cost curve of the monopolist shifts upward, there will be

	an increase in both price and quantity.
	an increase in price but a decrease in quantity.
	a decrease in price and in marginal revenue.
	a decrease in quantity and a decrease in marginal revenue.

The typical slope of the demand curve as perceived by a monopolistic competitor will

	be the same as that of a monopolist but slightly steeper.
	be less of a decline in demand for the monopolistic competitor than for a monopolist that raised its prices.
	demonstrate that firms' ability to raise its price without losing all of its customers.
	be reflective of a perfectly competitive firm and all of the above.