O GoConqr está de visual novo! Conte para nós o que você achou.

Registre-se grátis

Quiz

Chapter 6 Study

Johnathan Hill 15 perguntas

Fazer o quiz

Perguntas do quiz (15)

  1. 1An industry comprised of four firms, each with about 25 percent of the total market for a product, is an example of?
    1. Amonopolistic competition.
    2. Boligopoly.
    3. Cpure monopoly.
    4. Dpure competition
  2. 2Which of the following is not a characteristic of pure competition?
    1. APrice strategies by firms.
    2. BA standardized product.
    3. CNo barriers to entry.
    4. DA larger number of sellers.
  3. 3Which of the following is characteristic of a purely competitive seller's demand curve?
    1. APrice and marginal revenue are equal at all levels of output.
    2. BAverage revenue is less than price.
    3. CIts elasticity coefficient is 1 at all levels of output.
    4. DIt is the same as the market demand curve.
  4. 4If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its marginal revenue:
    1. Amay be either greater or less than $5.
    2. Bwill also be $5.
    3. Cwill be less than $5.
    4. Dwill be greater than $5.
  5. 5The demand curve in a purely competitive industry is ______, while the demand curve to a single firm in that industry is ______.
    1. Aperfectly inelastic; perfectly elastic
    2. Bdownsloping; perfectly elastic
    3. Cdownsloping; perfectly inelastic
    4. Dperfectly elastic; downsloping
  6. 6A competitive firm in the short run can determine the profit-maximizing (or loss-minimizing) output by equating?
    1. Aprice and average total cost.
    2. Bprice and average fixed cost.
    3. Cmarginal revenue and marginal cost.
    4. Dprice and marginal revenue.
  7. 7A firm reaches a break-even point (normal profit position) where?
    1. Amarginal revenue cuts the horizontal axis.
    2. Bmarginal cost intersects the average variable cost curve.
    3. Ctotal revenue equals total variable cost.
    4. Dtotal revenue and total cost are equal.
  8. 8In the short run, the individual competitive firm's supply curve is that segment of the?
    1. Aaverage variable cost curve lying below the marginal cost curve.
    2. Bmarginal cost curve lying above the average variable cost curve.
    3. Cmarginal revenue curve lying below the demand curve.
    4. Dmarginal cost curve lying between the average total cost and average variable cost curves.
  9. 9Assume the XYZ Corporation is producing 20 units of output. It is selling this output in a purely competitive market at $10 per unit. Its total fixed costs are $100 and its average variable cost is $3 at 20 units of output. This corporation?
    1. Ashould close down in the short run.
    2. Bis maximizing its profits.
    3. Cis realizing a loss of $60.
    4. Dis realizing an economic profit of $40.
  10. 10If a purely competitive firm shuts down in the short run?
    1. Aits loss will be zero.
    2. Bit will realize a loss equal to its total variable costs.
    3. Cit will realize a loss equal to its total fixed costs.
    4. Dit will realize a loss equal to its explicit costs.

Informações

Descrição
Quiz sobre Chapter 6 Study, criado por Johnathan Hill em 13-04-2019.
Idioma
English
Visualizações
1
Avaliação
Ainda sem avaliações
Avalie este quiz
Avalie este quiz

Fale Conosco

Sobre o que é sua mensagem?

O que você acha do novo visual?

Você gostou?