For each of the following characteristics, say whether it describes a monopoly firm, a monopolistically competitive firm, both, or neither. (Note: If the characteristic describes neither, leave the entire row unchecked.)

Characteristic: Monopoly /Monopolistically Competitive

1. Faces a downward-sloping demand curve
2. Has marginal revenue less than price
3. Faces the entry of new firms selling similar products
4. Earns economic profit in the long run
5. Equates marginal revenue and marginal cost
6. Produces the socially efficient quantity of output

Your parents have accumulated a $170,000 nest egg. they have been planning to use this money to pay college costs to be incurred by you and your sister, courtney. however, courtney has decided to forgo college and start a nail salon. your parents are giving courtney $20,000 to her get started, and they have decided to take year-end vacations costing $8,000 per year for the next four years. use 8 percent as the appropriate interest rate throughout this problem. use appendix a and appendix d for an approximate answer, but calculate your final answer using the formula and financial calculator methods. a. how much money will your parents have at the end of four years to you with graduate school, which you will start then?

Which term best fits the sentence? is the process of reasoning, analyzing, and making important decisions. it’s an important skill in making career decisions. a. critical thinking b. weighing pros and cons c. goal setting

The cook corporation has two divisions--east and west. the divisions have the following revenues and expenses: east west sales $ 603,000 $ 506,000 variable costs 231,000 300,000 traceable fixed costs 151,500 192,000 allocated common corporate costs 128,600 156,000 net operating income (loss) $ 91,900 $ (142,000 ) the management of cook is considering the elimination of the west division. if the west division were eliminated, its traceable fixed costs could be avoided. total common corporate costs would be unaffected by this decision. given these data, the elimination of the west division would result in an overall company net operating income (loss)