You purchase a share of Facebook stock from a friend who purchased the stock 1 year ago. Your purchase of the stock represents a transaction in the primary financial market

The monopolistically competitive firm in short-run equilibrium

a. faces a downward-sloping demand curve. b. has a marginal revenue curve which lies below its demand curve. c. maximizes profit where MR = MC. d. All of the above are correct.

The key issue in determining the efficiency of public versus private ownership of a monopoly is

a. the tendency for efficient management of publicly owned enterprises. b. the inability of private monopolies to get rid of managers that are doing a bad job. c. the propensity of private monopolies to generate excessive profits. d. how ownership of the firm affects the cost of production.