30442282
Descrição
Quiz por Vashti Braynen, atualizado more than 1 year ago
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Criado por Vashti Braynen
aproximadamente 3 anos atrás
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Questão 1
Questão
Under perfect competition, output is determined by:
Responda
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A. Demand and equilibrium price
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B. Fixed expenses
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C. Individuals
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D. Industry supply curve
Questão 2
Questão
Which of the following is NOT a characteristic of a perfectly competitive market?
Responda
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A. Free entry and exit
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B. No substitutes
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C. Numerous sellers
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D. Perfect information
Questão 3
Questão
Perfect competition pushes firms to
Responda
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A. Efficiency
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B. Maximum possible output
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C. Maximum sales
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D. Take over other firms
Questão 4
Questão
A factor that makes it difficult for firms to enter a market is called...
Responda
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A. A barrier to entry
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B. A block to entry
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C. An impediment to entry
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D. An obstacle to entry
Questão 5
Questão
Which is not a requirement for a market to have perfect competition?
Responda
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A. Consumers and producers are informed about products
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B. Diverse buyers and sellers participate in a market
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C. Sellers can freely enter and exit the market
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D. Sellers offer the same products
Questão 6
Questão
In a perfectly competitive market, a firm
Responda
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A. Can easily take control of the market
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B. Can influence the price of the good across the market
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C. Only has control over how much they decide to produce
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D. Can influence demand across the market through advertising
Questão 7
Questão
Perfect competition is best described as a market with
Responda
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A. Few firms producing essentially the same product
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B. Few firms producing very different products
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C. Many firms producing essentially the same product
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D. Many firms producing very different products
Questão 8
Questão
The market demand curve for a perfectly competitive industry is QD = 12 - 2P. The market supply curve is QS = 3 + P. The market will be in equilibrium if
Responda
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A. P = 3 and Q = 6
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B. P = 6 and Q = 9
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C. P = 5 and Q = 2
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D. P = 4 and Q = 4
Questão 9
Questão
A perfectly competitive firm should reduce output or shut down in the short run if market price is equal to marginal cost and price is
Responda
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A. Greater than average total cost
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B. Less than average total cost
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C. Greater than average variable cost
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D. Less than average variable cost
Questão 10
Questão
If the market demand curve for a commodity has a negative slope, then the market structure must be
Responda
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A. Perfect competition
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B. Monopoly
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C. Imperfect competition
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D. The market structure cannot be determined from the information given
Questão 11
Questão
If a firm sells its output on a market that is characterized by many sellers and buyers, a homogeneous product, unlimited long-run resource mobility, and perfect knowledge, then the firm is a
Responda
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A. A monopolist
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B. A monopolistic competitor
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C. An oligopolist
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D. A perfect competitor
Questão 12
Questão
If a firm sells its output on a market that is characterized by a single seller and many buyers of a homogeneous product for which there are no close substitutes and barriers to long-run resource mobility, then the firm is
Responda
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A. A monopolist
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B. A monopolistic competitor
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C. An oligopolist
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D. A perfect competitor
Questão 13
Questão
If a firm sells its output on a market that is characterized by many sellers and buyers, a differentiated product, and unlimited long-run resource mobility, then the firm is
Responda
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A. A monopolist
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B. A monopolistic competitor
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C. An oligopolist
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D. A perfect competitor
Questão 14
Questão
If a firm sells its output on a market that is characterized by few sellers and many buyers and limited long-run resource mobility, then the firm is
Responda
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A. A monopolist
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B. A monopolistic competitor
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C. An oligopolist
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D. A perfect competitor
Questão 15
Questão
Branding their goods and making the brand name familiar by means of advertising is an example of non-price competition.
Responda
- True
- False
Questão 16
Questão
Monopolies CANNOT be created by law.
Responda
- True
- False
Questão 17
Questão
Legal monopolies tend to consist of nationalised industries.
Responda
- True
- False
Questão 18
Questão
Restrictive trade practices occur when firms in an industry agree to not compete with each other but to restrict the entry of any new firm.
Responda
- True
- False
Questão 19
Questão
The Organization of Petroleum is a form of a cartel.
Responda
- True
- False
Questão 20
Questão
A monopoly is NOT capable of restricting the supply of a product.
Responda
- True
- False
Questão 21
Questão
Large scale production may enable firms to produce at a very low average cost is a barrier to entry.
Responda
- True
- False
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