One main difference in the rulings on the 1945 Alcoa case and the 1956 Dupont cellophane case is that the Alcoa case:
A. Focused on structure whereas the Dupont case focused on behavior
B. Focused on behavior whereas the Dupont case focused on structure
C. Defined the market broadly whereas the Dupont case defined the market narrowly
D. Defined the market narrowly whereas the Dupont case defined the market broadly
D. Defined the market narrowly whereas the Dupont case defined the market broadly
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The equilibrium price charged by a monopolistic competitor in the long run after the entry of new firms is ________
A) higher than the equilibrium price charged by the firm before the entry of new firms B) lower than the equilibrium price charged by the firm before the entry of new firms C) lower than the equilibrium price charged by a perfectly competitive firm in the long run D) equal to the equilibrium price charged by the firm before the entry of new firms
If the price elasticity of demand is 0.5, then a 10% increase in price results in a
A) 5% decrease in total revenues. B) 5% decrease in quantity demanded. C) 0.5% decrease in quantity demanded. D) 5% increase in quantity demanded. E) 50% reduction in quantity demanded.