X Canna XU0 BQB Question 21 Identify the statement which is TRUE from the following: O a monopoly firm has a downward sloping curve and is a price maker O a monopoly firm is a price taker and produces homogeneous goods O a monopoly firm produces at the level which average total cost is at the minimum O a monopoly firm has an upward-sloping supply curve and is a price taker A Previous MOOS F10 Insert PHSc Delete HomeCarras ESXUOBQB Question 22 In a perfectly competitive market, the process of entry and exit will end when firms in the market: O are making zero economic profit or normal profit O experience decreasing marginal revenue O capture market power O are operating with excess capacity Previous MOOS N F12 nsent Prisc Delete Home PgUpXUOBQB Question 23 When marginal revenue is equal to marginal cost, a firm in a competitive market produces output at the level that: O maximises profit O breaks even O minimises average total cost O maximises revenue Previous MOOS & F12 Insert PrSc Delete Home COCarrias -XUOBQE Question 24 In the long-run persistent increases in aggregate demand will: O result in stagflation and fall in price level O result in inflation with no changes in total spending O result in deflation with no changes in real GDP O result in high inflation with no changes in real GDP Previous MOOG F5 F12 Insert PrScX 7XU O BQB Question 25 If an aggregate demand stays constant, an increase in short-run aggregate supply will: O reduce the price level but increase real GDP O increase the price level but reduce real GDP O reduce both the price level and real GDP O increase both the price level and real GDP 1 Previous MOOE N Insert Prisc Delete HomeX Carras FAXUO BQB Question 26 An economy can produce more if it experiences: O an increase in capital O an increase in labour O all of the above O advances in technology MOOS 8 9 F10