Market Structure I

What are the objective of a firm?

• Minimize profit

• Maximize cost

• Maximize profit

• Reduce benefit of product

____ is an independent unit of producing goods and services for sale.

For Monopoly market type, which characteristic is correct?

• few number of firms

• Blocked entry

• small price elasticity of demand

• differentiated product

what happened to this firm profit maximisation in short run?

• supernormal profit

• breakeven

• loses

• shut down

what happened to this firm profit maximisation in short run?

• supernormal profit

• breakeven

• loses

• shut down

what happened to this firm profit maximisation in short run?

• supernormal profit

• breakeven

• loses

• shut down

what happened to this firm profit maximisation in short run?

• supernormal profit

• breakeven

• loses

• shut down

_____ firms are the price taker.

"A market in which there are many buyers and sellers, the products are homogeneous and sellers can easily enter and exit from the market."

This is definition for?

• perfect competition

• monopolistic competition

• oligopoly

• monopoly

______ refers to the selling or charging of different prices by a firm to different buyers for the same product.