
microeconomics midterm exam study guide pt.2
Authored by Keyanna Tompkins
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
125.)
A firm that has little ability to influence market prices operates in a
a. competitive market.
b. strategic market.
c. thin market.
d. power market.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
126.)
Free entry means that
a. the government pays any entry costs for individual firms.
b. government-funded research lowers the costs of patents and other barriers to entry.
c. a firm's marginal cost is zero.
d. no legal barriers prevent a firm from entering an industry.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
127.) When buyers in a competitive market take the selling price as given, they are said to be
a. market entrants.
b. monopolists.
c. free riders.
d. price takers.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
128.)
Why does a firm in a competitive industry charge the market price?
a. If a firm charges less than the market price, it loses potential revenue.
b. If a firm charges more than the market price, it loses all its market power.
c. The firm can only sell limited number of units of output, so it wants to sell at the market price in order tolower its costs.
d. All of the above are correct.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
129.) Suppose a firm in a competitive market reduces its output by 20 percent. As a result, the price of its output is likely to
a. increase.
b. remain unchanged.
c. decrease by less than 20 percent.
d. decrease by more than 20 percent.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
130.) Which of the following statements regarding a competitive market is not correct?
a. There are many buyers and many sellers in the market.
b. Because of firm location or product differences, some firms can charge a higher price than other firms andstill maintain their sales volume.
c. Price and average revenue are equal.
d. Price and marginal revenue are equal.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
131.) Which of the following firms is the closest to being a perfectly competitive firm?
a. the New York Yankees
b. Apple, Inc.
c. DeBeers diamond wholesalers
d. a wheat farmer in Kansas
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