In the short run, producers derive surplus from market exchange because
a. total revenue is greater than the minimum they would require to sell the good
b. total revenue is equal to the minimum amount they would require to sell the good
c. total revenue is less than the minimum amount they would require to sell the good
d. marginal revenue equals average revenue
e. they can rob consumers of most of their consumer surplus
Question 2
The demand curve facing Imelda's Shoe Boutique, a monopolistically competitive firm,
a. is horizontal because Imelda's is small relative to the market as a whole
b. is horizontal because Imelda's is large relative to the market as a whole
c. slopes downward because Imelda's is small relative to the market as a whole
d. slopes downward because Imelda's sells a differentiated product
e. slopes downward because Imelda's firm is the entire industry
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