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1. Suppose Wave detergent is sold in a monopolistically competitive market. If the price of Wavedetergent is currently $6 and the ATC is $4, in the long-run we expect a. The demand curve for Wave to shift to the leftb The producers of Wave to go out of business c the producers of wave to earn economic profits greater than zero.2. If average total cost > average variable cost > price, a profit maximizing firm in a perfectly competitive market should:a. shut down in the short runb. increase its output level to minimize it’s lossc. none of these3. If the government limits the number of firms in a market by issuing a limited number of licenses, the market structure is most likely to bea. perfectly competitive marketb. monopolyc. oligopoly4. which of the market structures are most fair to society?a. monopolyb.oligopolyc. perfect competition

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