1. The representative firm in a purely competitive industry

2. An example of a monopolistically competitive industry would be

3. Firms in an industry will not earn long-run economic profits if

4. Marginal product is

5. The law of diminishing returns indicates that

6. If average total cost is declining, then

7. Average fixed costs diminish continuously as output increases

8. Patents and copyrights were established by the government to reduce oligopoly and monopoly power

9. A purely competitive firm is a price maker, but a monopolist is a price taker

10. The profit-maximizing rule MC = MR is followed by firms under

11. A perfectly competitive firm will continue producing in the short run as long as it can cover its

12. A perfectly competitive firm will earn a profit and will continue producing the profit-maximizing quantity of output in the short run if price is

13. Monopolistic competition is an industry characterized by

14. If a perfectly competitive firm increases production from 10 units to 11 units, and the market price is $20 per unit, total revenue for 10 units is

15. The demand curve facing a monopolist is

16. Suppose that a monopolist increases production from 10 units to 11 units. If the market price declines from $30 per unit to $29 per unit, marginal revenue for the eleventh unit is

17. Most electric, gas, and water companies are examples of

18. If a perfectly competitive firm is producing a quantity that generates P > MC, then profit