Econ gsg market structures

To find TC from ATC, you simply

• Multiply by the cost

• Divide by the quantity

• Multiply by the quantity

• Divide by the cost

Total Revenue (minus) Explicit and Implicit cost =

• Accounting Profit

• Economic Profit

• Economic Cost

• Total Profit

What is the goal of a firm?

• to make profits

• to maximize profits

• to maximize revenue

• none of the above

If ATC is going down and Quantity is increase then

• Economies of Scale

• Diseconomies of Scale

• Constant returns to scale

• none

If Q is increasing but so is ATC then it must be

• Economies of Scale

• Constant returns to scale

• Diseconomies to scale

• bad

In what market structure are consumers best off

• perfect comp

• monopoly

• monopolistic

• oligopoly

What is the profit maximizing condition?

• MR = D

• MR = MC

• MC = D

• D = Profits

Check all that apply: Which of the following are characteristics of a perfectly competitive market?

• Many buyers/sellers

• Identical Products

• Price Makers

• Low barriers of entry

profit, loss, or neither

• profit

• loss

• neither

Should the following firm shutdown?

• Yes

• No

• Not enough information present