4202032
Description
Quiz by 2016: Esteban Vi, updated more than 1 year ago
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Created by 2016: Esteban Vi
over 8 years ago
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Question 1
Question
A firm in perfect competition has zero power.
Answer
- True
- False
Question 2
Question
In perfect competition, there are no barriers of entry and exit.
Answer
- True
- False
Question 3
Question
Is money an example of perfect competition?
Answer
- True
- False
Question 4
Question
The supplier will cut back on production if [blank_start]marginal cost[blank_end] is greater than [blank_start]marginal revenue[blank_end].
Answer
-
marginal cost
-
marginal revenue
Question 5
Question
The marginal cost curve is the firm's supply curve above the point where [blank_start]price[blank_end] exceeds [blank_start]average variable cost[blank_end].
Answer
-
price
-
average variable cost
Question 6
Question
Profit maximization (Formula)
Answer
-
MC=AC
-
MC=AR
-
MC=MR
Question 7
Question
Productive efficiency (Formula)
Answer
-
MC=AR
-
MC=MR
-
MC=AC
Question 8
Question
Allocative efficiency (Formula)
Answer
-
MC=AR
-
MC=AC
-
MC=MR
Question 9
Question
Normal profit is minimum profit that allow current profits to stay in use.
Answer
- True
- False
Question 10
Question
Is lack of motivation one of the reason for diseconomies of scale?
Answer
-
Yes
-
No
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