Question : If the ___ firm has zero or only a fixed cost, the quantity supplied in equilibrium is given by the point where the marginal revenue is zero.
Option 1: perfect competition
Option 2: monopoly
Option 3: oligopoly
Option 4: monopolistic competition
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Correct Answer: monopoly
Solution : The correct answer is monopoly.
Monopolies are market arrangements in which there is only one vendor for a product or service. This gives the monopolist complete market price power. In a monopolistic market, the monopolist will produce the level of production at which marginal income equals marginal cost. If the monopolist, on the other hand, has no or only fixed costs, the marginal cost is 0 at all output levels. This means that the monopolist will produce the amount of goods where the marginal income is zero.
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Question : In which of the following market forms, a firm does not exercise control over price?
Option 1: Monopoly
Option 2: Perfect competition
Option 3: Oligopoly
Option 4: Monopolistic competition
Question : In which market firm, a market or an industry is dominated by a single seller?
Option 1: Oligopoly
Option 2: Monopoly
Option 3: Duopoly
Question : Equilibrium out is determined by:
Option 1: the equality between total variable cost and marginal revenue
Option 2: the equality between Marginal cost and Marginal revenue
Option 3: the equality between Average cost and Average revenue
Option 4: the equality between total cost and total revenue
Question : In which market form a market or an industry is dominated by a few firms?
Option 1: Perfect competition
Option 4: Monopolistic
Question : In which among the following markets does a firm not exercise control over price?
Option 1: Mixed competition
Option 4: Perfect competition
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