Please help me and review my answers for my quiz. Let me know which ones you believe to be right and wrong.

Question

1. When P = AR = MR = AC = MC:

X    economic profits are positive.
       economic profits are zero.
       economic profits are negative.
       normal profits are zero.
       normal profits are negative.

Question 2. A monopolist will try to operate:

X  where marginal cost equals marginal revenue.
       in the inelastic range of the demand curve.
       where average revenue equals marginal revenue.
       at the highest price on the demand curve.

Question 3. A firm in a(n) industry will have the most elastic demand curve:

X  monopolistic
       oligopolistic
       monopolistically competitive
       perfectly competitive

Question 4. A monopolist faces:

X    a perfectly elastic demand curve.
       a portion of the market demand curve.
       an upward-sloping demand curve.
       no demand curve, because demand is not important to the monopolist.
       the market demand curve.

Question 5. Retail outlets operate in which of the following market structures?:

X    perfect competition
       monopolistic competition
       oligopoly
       monopoly
       oligopsony

Question 6. Average revenue (AR):

X   occurs when MC = MR.
       equals TR/Q.
       is greater than price when economic profits are present.
       does not appear in the model of perfect competition.

Question 7. Which one of the following is NOT a basic assumption of the model of perfect competition?:

Many buyers
       Many sellers
       A differentiated product
       Full information
   X    Mobile resources

Question 8. A firm in perfect competition is assumed to be:

a price leader.
       a developer of new inventions.
   X    small in size, relative to the size of the industry.
       large in size, relative to the size of the industry.

Question 9. A firm in a monopolistically competitive industry faces a downward-sloping demand curve because:

X   the product is homogeneous.
       the product is differentiated.
       nonprice competition is missing.
       barriers to entry are high.

Question 10. Anna Lopez sells timber in a perfectly competitive market. Incomes increase, and many people buy new homes; the market demand curve shifts to the right. In the short run, she should expect:

X    the price of timber to remain unchanged.
       profits to fall.
       the price of timber to rise.
       firms to leave the timber business.