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6. Even in the long-run equilibrium, the pure monopolist (as opposed to the perfectly competitive firm) can make abnormal profits because of
Blocked entry
His low LAC
High price he charges
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7. After reaching the saturation point, the consumption of additional units of the commodity causes
Total utility and marginal utility both to increase
Total utility to fall and marginal utility to increase
Total utility to fall and marginal utility to become negative
Total utility to become negative and marginal utility to fall
8. Economies of Scale means
Reductions in unit cost of production
Reductions in unit cost of distribution
Addition to the unit cost of production
Reduction in the total cost of production
9. The long-run equilibrium price of a perfectly competitive firm is always
Equal to AFC
Below the LAC
Above the LAC
Equal to LAC
10. A falling MU curve illustrates
The principle of diminishing marginal utility
The principle of equi-marginal utility
The principle of diminishing marginal rate of substitution
None of these
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