CHAPTER 14 - ECO111

CHAPTER 14 - ECO111

University

16 Qs

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CHAPTER 14 - ECO111

CHAPTER 14 - ECO111

Assessment

Quiz

Mathematics

University

Practice Problem

Medium

Created by

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16 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a firm has little ability to influence market prices it is said to be in a

a.

competitive market.

b.

strategic market.

c.

thin market.

d.

power market.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a competitive market, the actions of any single buyer or seller will 

a.

have a negligible impact on the market price.

b.

have little effect on market equilibrium quantity but will affect market equilibrium price.

c.

affect marginal revenue and average revenue but not price.

d.

adversely affect the profitability of more than one firm in the market.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not a characteristic of a perfectly competitive market?

a.

Firms are price takers.

b.

Firms can freely enter the market.

c.

Many firms have market power.

d.

Goods offered for sale are largely the same.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Free entry means that

a.

the government pays any entry costs for individual firms.

y.

b.

no legal barriers prevent a firm from entering an industr

c.

a firm's marginal cost is zero.

d.

a firm has no fixed costs in the short run.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a competitive market, no single producer can influence the market price because

a.

many other sellers are offering a product that is essentially identical.

b.

consumers have more influence over the market price than producers do.

c.

government intervention prevents firms from influencing price.

d.

producers agree not to change the price.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For a competitive firm,

a.

total revenue equals average revenue.

b.

total revenue equals marginal revenue.

c.

total cost equals marginal revenue.

d.

average revenue equals marginal revenue.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suppose that a firm operating in perfectly competitive market sells 100 units of output.  Its total revenues from the sale are $500.  Which of the following statements is correct?

i)

Marginal revenue equals $5.

ii)

Average revenue equals $5.

iii)

Price equals $5.

a.

i) only

b.

iii) only

c.

i) and ii) only

d.

i), ii), and iii)

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