
Final Review R2
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Other
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University
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Lauren Banko
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6 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
1. If a firm is a price taker, then the demand curve for the firm's product is:
A. Equal to the total revenue curve
B. Perfectly inelastic
C. Perfectly elastic
D. Unit elastic
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
2. Which is true in both monopolies and pure competition?
A. Profits are positive
B. Price = Marginal Revenue
C. Marginal Cost = minimum ATC
D. Marginal Revenue = Marginal Cost
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
3. A feature of oligopolies is that there is:
A. There are many firms in the industry
B. Mutual interdependency
C. Always a cartel present
D. only standardized products
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
4. In the long run, the economic profits for a monopolistically competitive firm will be:
A. The same as the profits for a monopolist
B. Slightly less than the profits of a monopolist
C. The same as the profits for a purely competitive firm
D.Slightly more than the profits of a purely competitive firm
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
5. What is the profit maximizing quantity?
A. 0
B. 3
C. 4
D. 5
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
6. How much profit will this firm earn?
A. 16
B. 56
C. 20
D. 9
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