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Perfect Competition

Ricci Morales 9 questions

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Questions in this quiz (9)

  1. 1Economic profit is typically
    1. Ahigher than accounting profit.
    2. Balways zero.
    3. Clower than accounting profit.
  2. 2Economists and accountants differ in how costs are calculated. Accountants will include:
    1. Aboth explicit and implicit costs.
    2. Bonly implicit costs.
    3. Conly explicit costs.
    4. Dneither explicit nor implicit costs.
  3. 3Economists and accounts differ in how costs are calculated. Economists include:
    1. Aboth explicit and implicit costs
    2. Bonly implicit costs
    3. Conly explicit costs
    4. Dneither explicit nor implicit costs.
  4. 4Marginal cost is defined as:
    1. Athe change in fixed cost from producing one more unit of output.
    2. Btotal variable cost divided by total output.
    3. Ctotal cost divided by total output
    4. Dthe change in total costs from producing one more unit of output.
  5. 5The marginal cost curve often decreases at first and then starts to increase. This is explained by:
    1. Aeconomies of scale.
    2. Bincreasing ATC.
    3. Cthe law of diminishing returns.
  6. 6If market price exceeds __________ profit will be _________.
    1. Amarginal cost ; positive
    2. Bvariable cost ; negative
    3. Caverage cost ; positive
    4. Dfixed cost ; negative
  7. 7The long run is best defined as a time period
    1. Athat is longer than two years.
    2. Bduring which all inputs can be varied.
    3. Cduring which at least one input cannot be changed.
    4. Dduring which consumer demand for goods and services change.
  8. 8One thing that distinguishes the short run and the long run is
    1. Athe existence of at least one fixed input.
    2. Bthe existence of variable costs.
    3. Cthe number of months considered.
    4. Dimplicit costs.
  9. 9A perfectly competitive industry is characterized by the following
    1. Amany firms producing identical products with no control over the market price.
    2. Bmany firms producing differentiated products with control over market price.
    3. Ca single firm producing a product with no close substitutes and control over the market price.
    4. Da single firm producing a product with many close substitutes and limited control over the market price.

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Description
Business/Economics Quiz on Perfect Competition, created by Ricci Morales on 14/12/2018.
Language
English
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