16. In pure competition, price is determined where themarket
A. Demand and supply curves intersect
B. Total cost is less than total revenue.
C. Average total cost equals total variable cost.
D. Demand intersects the individual firm's marginal costcurve.
20.  Long-run competitiveequilibrium
A. Is realized only in constant-cost industries.
B. Is not economically efficient
C. Will never change once it is realized
D. Results in zero economic profit.
21. Marginal product is
A. The change in total revenue attributable to the employment ofone more worker.
B. The change in total output attributable to the employment ofone more worker.
C. Total product divided by the number of workers employed.
D. The change in total cost attributable to the employment ofone more worker
24. Oligopoly is more difficult to analyze than othermarket models because
A. of mutual interdependence and the fact that oligopolyoutcomes are less certain than in other market models
B. The marginal cost and marginal revenue curves of anoligopolist play no part in the determination of equilibrium priceand quantity.
C. unlike the firms of other market models, it cannot be assumedthat oligopolists are profit maximizers.
D. the number of firms is so large that market behavior cannotbe accurately predicted.
30. The demand curve confronted by the individual,purely competitive firm is
A. Perfectly inelastic
B. Relatively elastic, that is, the elasticity coefficient isgreater than unity
C. Relatively inelastic, that is, the elasticity coefficient isless than unity.
D. Perfectly elastic.
35. The short run is characterized by
A. Zero fixed costs.
B. Plenty of time for firms to either enter or leave theindustry.
C. Fixed plant capacity.
D. Increasing but not diminishing returns.
