1. Average revenue (AR) (Points : 1) |
[removed] occurs when MC = MR.
[removed] equals TR/Q.
[removed] is greater than price when economic profits are present.
[removed] does not appear in the model of perfect competition.
|
[removed][removed][removed][removed]
2. Monopolistic competition and oligopoly are examples of (Points : 1) |
[removed] monopoly.
[removed] perfect competition.
[removed] theories of consumer behavior.
[removed] imperfect competition.
[removed] the extreme cases on the market structure continuum.
|
[removed][removed][removed][removed]
3. Retail outlets operate in which of the following market structures? (Points : 1) |
[removed] perfect competition
[removed] monopolistic competition
[removed] oligopoly
[removed] monopoly
[removed] oligopsony
|
[removed][removed][removed][removed]
4. Which of the following is NOT an essential characteristic of monopolistic competition? (Points : 1) |
[removed] a small number of sellers
[removed] differentiated products
[removed] relatively easy entry
[removed] short-run profits
[removed] a very elastic demand curve
|
[removed][removed][removed][removed]
5. If a monopoly firm observes an increase in total revenue following a price increase, which of the following must be true? (Points : 1) |
[removed] MR > 0
[removed] MR < 0
[removed] MR = 0
[removed] MR = TR
|
[removed][removed][removed][removed]
6. A monopoly is (Points : 1) |
[removed] a single seller of a product with many close substitutes.
[removed] a single seller of a product with no close substitutes.
[removed] a single buyer of a product.
[removed] a common industry structure.
[removed] a market structure with a single seller and a single buyer.
|
[removed][removed][removed][removed]
7. A firm in a(n) industry will have the most elastic demand curve. (Points : 1) |
[removed] monopolistic
[removed] oligopolistic
[removed] monopolistically competitive
[removed] perfectly competitive
|
[removed][removed][removed][removed]
8. If a firm is making an economic profit, then (Points : 1) |
[removed] the factors of production are being paid their opportunity costs.
[removed] there will be no change in the number of firms if the industry is perfectly competitive.
[removed] the factors of production are being paid less than their opportunity costs.
[removed] the factors of production are being paid more than their opportunity costs.
[removed] the firm will exit the industry.
|
[removed][removed][removed][removed]
9. All but which one of the following are true of monopolistic competition? (Points : 1) |
[removed] MR = MC
[removed] P>MC
[removed] AR = MR
[removed] The demand curve the firm faces slopes downward.
[removed] Entry is easy.
|
[removed][removed][removed][removed]
10. A firm in perfect competition is assumed to be (Points : 1) |
[removed] a price leader.
[removed] a developer of new inventions.
[removed] small in size, relative to the size of the industry.
[removed] large in size, relative to the size of the industry. |
Mermaid
11 years ago
eco_204_week_4_quiz_solution.doc
