If Libby can produce 20 gallons of beer or 5 gallons of wine per hour, her opportunity cost of one gallon of beer is 4 gallons of wine.

When a firm has a monopoly in a market and also perfectly price discriminates, total welfare

A) is maximized. B) is lower than in a perfectly competitive market. C) is higher than in a perfectly competitive market. D) is minimized.

Although highly unlikely in the real world, in a perfectly balanced oligopoly with eight firms, the market share of each firm is

a. 16.2 percent b. 14.0 percent c. 13.5 percent d. 12.5 percent e. 8.0 percent