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Chapter 7 Study

Johnathan Hill 17 Fragen

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  1. 1Which of the following distinguishes the short run from the long run in pure competition?
    1. AFirms can enter and exit the market in the long run but not in the short run.
    2. BFirms attempt to maximize profits in the long run but not in the short run.
    3. CFirms use the MR = MC rule to maximize profits in the short run but not in the long run.
    4. DThe quantity of labor hired can vary in the long run but not in the short run.
  2. 2In a purely competitive industry?
    1. Athere will be no economic profits in either the short run or the long run.
    2. Beconomic profits may persist in the long run if consumer demand is strong and stable.
    3. Cthere may be economic profits in the short run but not in the long run.
    4. Dthere may be economic profits in the long run but not in the short run.
  3. 3Suppose a firm in a purely competitive market discovers that the price of its product is above its minimum AVC point but everywhere below ATC. Given this, the firm?
    1. Aminimizes losses by producing at the minimum point of its AVC curve.
    2. Bmaximizes profits by producing where MR = ATC.
    3. Cshould close down immediately.
    4. Dshould continue producing in the short run but leave the industry in the long run if the situation persists.
  4. 4Which of the following is true concerning purely competitive industries?
    1. AThere will be economic losses in the long run because of cut-throat competition.
    2. BEconomic profits will persist in the long run if consumer demand is strong and stable.
    3. CIn the short run, firms may incur economic losses or earn economic profits, but in the long run they earn normal profits.
    4. DThere are economic profits in the long run but not in the short run.
  5. 5If a purely competitive firm is producing at the MR = MC output level and earning an economic profit, then?
    1. Athe selling price for this firm is above the market equilibrium price.
    2. Bnew firms will enter this market.
    3. Csome existing firms in this market will leave.
    4. Dthere must be price fixing by the industry's firms.
  6. 6Long-run competitive equilibrium?
    1. Ais realized only in constant-cost industries.
    2. Bwill never change once it is realized.
    3. Cis not economically efficient.
    4. Dresults in zero economic profits.
  7. 7We would expect an industry to expand if firms in that industry are?
    1. Aearning normal profits.
    2. Bearning economic profits.
    3. Cbreaking even.
    4. Dearning accounting profits.
  8. 8A constant-cost industry is one in which?
    1. Aa higher price per unit will not result in an increased output.
    2. Bif 100 units can be produced for $100, then 150 can be produced for $150, 200 for $200, and so forth.
    3. Cthe demand curve and therefore the unit price and quantity sold seldom change.
    4. Dthe total cost of producing 200 or 300 units is no greater than the cost of producing 100 units.
  9. 9Which of the following will not hold true for a competitive firm in long-run equilibrium?
    1. AP equals AFC.
    2. BP equals minimum ATC.
    3. CMC equals minimum ATC.
    4. DP equals MC.
  10. 10When a purely competitive firm is in long-run equilibrium?
    1. Amarginal revenue exceeds marginal cost.
    2. Bprice equals marginal cost.
    3. Ctotal revenue exceeds total cost.
    4. Dminimum average total cost is less than the product price.

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Quiz am Chapter 7 Study, erstellt von Johnathan Hill am 05/03/2019.
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