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Test

Econ Chapter 14

Dylan Halberstadt 10 preguntas

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Preguntas del test (10)

  1. 1A firm has market power if it can
    1. Amaximize profits.
    2. Bminimize costs.
    3. Cinfluence the market price of the good it sells.
    4. Dhire as many workers as it needs at the prevailing wage rate.
  2. 2A seller in a competitive market
    1. Acan sell all he wants at the going price, so he has little reason to charge less.
    2. Bwill lose all his customers to other sellers if he raises his price.
    3. Cconsiders the market price to be a "take it or leave it" price.
    4. DAll of the above are correct.
  3. 3Consider a firm that operates in a perfectly competitive market. Currently the firm is producing 50 units of output and at that output level, marginal revenue is $6. Suppose that the firm increases output by 50%. Total revenue will be
    1. A​$300.
    2. B$450.
    3. C​$600.
    4. D​the same since price will fall by 50%.
  4. 4When market price is P7, a profit-maximizing firm's short-run profits can be represented by the area
    1. AP7 × Q5.
    2. BP7 × Q3.
    3. C(P7 - P5) × Q3.
    4. DWe are unable to determine the firm's profits because the quantity that the firm would produce is not labeled on the graph.
  5. 5If all firms have the same costs of production, then in long-run equilibrium,
    1. Aprice exceeds average total cost for all firms.
    2. Bprice exceeds marginal cost for all firms.
    3. Csome firms may earn positive economic profits.
    4. Dall firms have zero economic profits and just cover their opportunity costs.
  6. 6In order to maximize profits in the short run, a firm should produce where
    1. Amarginal revenue exceeds marginal cost by the greatest amount.
    2. Bmarginal cost is minimized.
    3. Caverage total cost is minimized.
    4. Dmarginal cost equals marginal revenue.
  7. 7Suppose that a firm operating in perfectly competitive market sells 50 units of output. Its total revenues from the sale are $500. Which of the following statements is correct?
    (i)

    Marginal revenue equals $5.
    (ii)

    Average revenue equals $10.
    (iii)

    Price equals $15.
    1. A(i) only
    2. B(ii) only
    3. C(i) and (ii) only
    4. D(i), (ii), and (iii)
  8. 8What is the total revenue from selling 5 units?
    1. A$2.50
    2. B$3.25
    3. C$12.50
    4. D$16.25
  9. 9The competitive firm's short-run supply curve is its
    1. Amarginal revenue curve, but only the portion where marginal revenue exceeds marginal cost.
    2. Bmarginal cost curve.
    3. Cmarginal cost curve, but only the portion above the minimum of average total cost.
    4. Dmarginal cost curve, but only the portion above the minimum of average variable cost.
  10. 10For this firm, marginal revenue at an output of 10 units is
    1. A$15.
    2. B$150.
    3. C​$1500.
    4. D​$0.

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Descripción
Business/Economics Test sobre Econ Chapter 14, creado por Dylan Halberstadt el 31/10/2021.
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