16064675
Description
Quiz by Niki Barnes, updated more than 1 year ago
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Created by Niki Barnes
over 5 years ago
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Question 1
Question
A perfectly competitive business is a _________ , or it accepts the price of the product it receives in the product market or it pays in the input as given.
Answer
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Monopsony
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Price Taker
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Interdependent
Question 2
Question
If the following conditions hold, an input or product market structure is considered perfectly competitive.
Answer
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Homogeneous product, barriers for entry or exit, a large number of sellers, perfect information
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Not homogeneous, no barriers for entry or exit, a large number of sellers, imperfect information
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Homogeneous product, no barriers for entry or exit, a large number of sellers, perfect information
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Homogeneous product, no barriers for entry or exit, a few sellers, perfect information
Question 3
Question
Classification of inputs
Answer
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Land, Labor, Capital, and management
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Renewable resources, Labor, Capital, business expansion
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Non renewable resources, Labor, Durable equipment, Management
Question 4
Question
Classification of firms
Answer
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Perfect Competition
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Monopolistic Competition
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Oligopoly
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Monopoly
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All of the Above
Question 5
Question
A production function characterizes the physical relationship between what?
Answer
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The level of inputs and the use of output
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The use of inputs and the level of output
Question 6
Question
When we graph the output and input relationship we come up with ________?
Answer
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A market supply curve
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A market demand curve
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A total physical product curve
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A total product demand curve
Question 7
Question
A market supply curve for a particular product generally has a positive slope.
Answer
- True
- False
Question 8
Question
The market supply curve for a particular product is based on the decisions of ________ and ____________ made by individual businesses in an industry
Answer
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What and how much to produce
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Where and what to produce
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Why and how to produce
Question 9
Question
Legislative act that prohibited monopolies and other restrictive business practices
Answer
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Federal Trade Commission Act
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Clayton Act
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Agricultural Bargaining Associations
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Sherman Antitrust Act
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