Competitive Firms

Competitive Firms

University

10 Qs

quiz-placeholder

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Competitive Firms

Competitive Firms

Assessment

Quiz

Social Studies

University

Hard

Created by

Daniel Schoch

Used 49+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why did some Communist Markets fail?

Planning Errors

Price Fixing

Political Intervention

Systemic Flaws

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of private ownership of means of production in Capitalism?

Boost Innovation

Increase Shareholder value

Allow Firms to Aquire Capital

Encourage Production

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Where, according to the Hotelling model do two beach vendors set up their stand?

At both ends

At equal space from the center

At the center

It does not matter

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A competitive firm should shut down if

The price falls below average variable cost

The price falls below average total cost

The price falls below total cost

Never

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A competitive firm should exit the market if

The price falls below average variable cost

The price falls below average total cost

The price falls below total cost

Never

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A competitive firm’s supply curve is given by

The total cost curve

The average total cost curve

The average variable cost curve

The marginal cost curve

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Can competitive firms stay in business if they make zero economic profit?

Yes, in the short run

Yes, as opportunity costs are included in the economic costs

No, the sunk cost will not be recovered

No, competition will force them out of the market

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