
Review Chapter 14
Authored by Shereen Bacheer
Business
University
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A firm has market power if it can
maximize profits
minimize costs
influence the market price of the good it sells
hire as many workers as it needs at the prevailing wage rate
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
For any competitive market, the supply curve is closely related to the
preferences of consumers who purchase products in that market
income tax rates of consumers in that market
firms’ costs of production in that market
interest rates on government bonds
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a characteristic of a competitive market?
Buyers and sellers are price takers
Each firm sells a virtually identical product
Free entry is limited
Each firm chooses an output level that maximizes profits
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Suppose that a firm operating in perfectly competitive market sells 400 units of output at a price of $4 each. Which of the following statements is correct?
i) Marginal revenue equals $4.
ii) Average revenue equals $100.
iii) Total revenue equals $1,600.
i) only
iii) only
i) and iii) only
i), ii), and iii)
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refer to Table 14-3. What is the total revenue from selling 7 units?
$120
$490
$562
$840
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refer to Table 14-3. What is the marginal revenue from selling the 3rd unit?
$55
$120
$137
$140
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refer to Table 14-3. What is the average revenue when 4 units are sold?
$60
$120
$125
$197
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