Which of the following is true of monopoly but not true of perfect competition?
a. Firms can potentially earn economic profits in the short run.
b. Total revenue is the product of price times the quantity sold.
c. Firms can potentially earn economic profits in the long run.
d. A profit-maximizing firm will shut down if price falls below the average variable cost.
Question 2
One of the primary objectives of the WTO is:
a. to create trade restrictions across the countries.
b. to reduce trade barriers created by the different countries.
c. to enable certain countries to maintain their autarkic conditions.
d. to enable the western countries to emerge as major players in the international trade.
e. to redistribute wealth from the first world to the third world countries.
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