Multiple choice questions:

1. A business' ability to affect the price it charges is known as a} pricing power b} monopoly power c} oligopoly power d} market power e} none of the above 2.Entry and exit of new businesses is most difcult in a} oligopoly b} monopoly o} perfect competition d} monopolistic competition e} all of the above 5. The law of diminishing marginal returns state that eventually a) marginal cost falls b) average variable cost falls c) average product falls d) marginal product falls e) all of the above6.Economic costs include a} explicit coat b} opportunity.r coats c} implicit coats d} aocou nting coats e} all of the above Ilularginal product and average product intersect at a} the maximum average product b} the minimum average product c} the maximum marginal product d} the minimum marginal product e} none of the above