can u answer the study guide?

1. In Figure 5.1 above, what output would a perfect competitor produce?  A. Q1 B. Q2 C. Q3 D. Q4

2. In Figure 5.1 above, what profit would a perfect competitor earn?  A. A profit of zero B. A positive profit C. A loss less than its total fixed cost D. A loss greater than its total fixed cost

3. In Figure 5.2, what output would a perfect competitor produce?    

A. Q1 B. Q2 C. Q3 D. 0

4. In Figure 5.4, a monopolist would charge which price?     A. P1 B. P2 C. P3 D. P4

5. For a market to be characterized by perfect competition, there must be

A. a large number of firms with no one able to influence price. B. freedom of entry and exit. C. indistinguishable products being sold. D. all of the above

6. For a market to be characterized by monopoly, there must be 

A. a large number of firms with no one able to influence price. B. freedom of entry and exit. C. indistinguishable products being sold. D. a single seller

7. The key difference(s) between perfect competition and monopolistic competition is 

A. the products sold are slightly different in perfect competition. B. the products sold are slightly different in monopolistic competition. C. there is poor information about prices in perfect competition. D. there is poor information about prices in monopolistic competition.

8. Agricultural products can be modeled best using the model of

A. monopolistic competition. B. perfect competition. C. oligopoly. D. monopoly. 

9. The fast food industry can be modeled best using the model of

A. monopolistic competition. B. perfect competition. C. oligopoly. D. monopoly.

10. The breakfast cereals industry can be best modeled using the model of 

A. monopolistic competition. B. perfect competition. C. oligopoly. D. monopoly.

11. The local residential electrical power industry can be best modeled using the model of

A. monopolistic competition. B. perfect competition. C. oligopoly. D. monopoly.

12. An industry in which there are many competitors with specific marketing niches is likely to be characterized by 

A. monopoly. B. monopolistic competition. C. oligopoly. D. perfect competition.

13. An industry in which there are just a few large firms is likely to be characterized by 

A. monopoly. B. monopolistic competition. C. oligopoly. D. perfect competition.

14. An indicator of the degree of competition in an industry is the concentration ratio. It measures 

A. the percentage of sales in the industry by the largest firms. B. the percentage of profit in the industry by the smallest firms. C. the sales in the industry as a percentage of all consumption in the U.S. D. the profitability of the industry.

15. If MR>MC then when an additional unit is sold the firm's 

A. profit will be positive. B. profit will be negative. C. profit will increase. D. profit will decrease.

16. Economic profit exists whenever

A. A firm makes even one penny. B. A firm makes more than its competitors. C. A firm makes more than the minimum required to maintain the incentive to remain in the industry. D. A firm makes enough to that it is required to pay taxes.

17. The assumption under perfect competition of a "homogeneous product" means that 

A. the good one firm produces is exactly the same as the good another firm produces. B. the good one firm produces is very different than the good another produces. C. that no firm can charge more than another for its product. D. that no buyer will pay more for one firm's good than another's.

18. The assumption under perfect competition of a firm that has no market power means that

A. firms are free to leave the market any time and there is no power keeping them there. B. the good one firm produces is very different than the good another produces. C. the good one firm produces is exactly then same as the good another firm produces. D. that no buyer will pay more for one firm's good than another's.

19. Under perfect competition, the supply curve is 

A. the marginal cost curve for all price quantity combinations. B. the marginal cost curve, but only that portion that is downward sloping. C. the marginal cost curve, but only that portion that is upward sloping. D. the marginal cost curve, but only that portion that is above the minimum of average variable cost.

20. If a competitive firm routinely earns a larger profit than the "normal profit" for its industry 

A. the firm's owners are likely to withdraw from the industry in order to retire early. B. new firms are likely to enter the industry, pushing up the prevailing market price. C. new firms are likely to enter the industry, reducing the prevailing market price. D. the firm will continue to earn its "normal profits" far into the future.

21. A reduction in the market price of the product is most likely to be required to enable 

A. a single Northwestern logging company to sell a larger quantity of timber. B. a single Midwestern grain farmer to sell a larger harvest of grain. C. a single Pacific Coast fishing trawler to sell a larger quantity of tuna. D. Apple to sell more of its iPhones.

22. If a competitive firm routinely earns a larger profit than the "normal profit" for its industry 

A. the firm's owners are likely to withdraw from the industry in order to retire early. B. new firms are likely to enter the industry, pushing up the prevailing market price. C. new firms are likely to enter the industry, depressing the prevailing market price. D. the firm will continue to earn its "normal profits" far into the future.

23. If MR=MC, the firm should produce at this quantity.

A. True

B. False

24. If MR<MC the firm should produce less.

A. True

B. False

25. If AR=ATC, where MR=MC, this creates a normal profit.

A. True

B. False

26. If AR>ATC, where MR=MC, this creates an economic profit.

A. True

B. False

27. Total Unfunded U.S liabilities have been estimated to be as much as $70 Trillion by some financial analysts.

A. True

B. False

28. Chicago is the best example of fiscal responsibility regarding funding its defined benefit pensions.

A. True

B. False

29. No state has a fully funded benefit pension fund.

A. True

B. False

30. The Medicare Trust Fund will be the first US entitlement program to run out of funding.

A. True

B. False