(Solved): Economists normally assume that the goal of a firm is to: sell as many units of output as possible. ...

Economists normally assume that the goal of a firm is to: sell as many units of output as possible. maximize profits. sell products at the highest prices possible. maximize sales revenue. QUESTION 16 Comparing a monopoly to a perfectly competitive industry, we can generally assume that under the monopoly output will be greater and price higher. output will be smaller and price will be higher. output will be smaller and price smaller. output will be about the same but price will be higher. QUESTION 17 A barrier to entry is A law established by the government to protect new industries An obstacle that makes it difficult for new firms to enter a market A commitment on the part of big business to allow smaller companies to compete An obstacle that prevents additional workers from entering an industry, such as a union QUESTION 18 The demand curve for an individual monopolist: Does not exist. Slopes upward to the right. Is the same as the market demand curve. is the same as the marainal revenue curve.