
Market Structures & Profit-Maximization TEST REVIEW
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
Ethan Worthington
Used 2+ times
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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Kelly earns $350,000 as a professional magician. But, it costs him $300,000 per year to pay for all of his equipment and keep the business up & running. What is Bruce’s accounting profit?
Kelly earns $350,000 as a professional magician. But, it costs him $300,000 per year to pay for all of his equipment and keep the business up & running. What is Bruce’s accounting profit?
-$50,000
$350,000
$50,000
$650,000
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a firm’s marginal cost is increasing, then which of the following must be true?
If a firm’s marginal cost is increasing, then which of the following must be true?
No
The firm is experiencing increasing marginal returns
The firm is experiencing diminishing marginal returns
Units of output are equal to units of input multiplied by variable cost.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A firm sells 1,000,000 units per month. The firm’s total fixed cost is $100,000 & total variable cost is $2,000,000. What is the Average Total Cost of production for this firm?
$0.10
$2.10
$1,000,000
$1,900,000
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A firm is experiencing “economies of scale” if its…
A firm is experiencing “economies of scale” if its…
Average variable cost decreases.
Long-run average total cost decreases.
Marginal cost decreases.
Average fixed cost decreases.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A perfectly competitive firm needs to increase production in order to maximize profits. We can conclude that at this level of production…
The firm’s Average Variable Cost is greater than its Average Total Cost.
The firm’s Marginal Cost is greater than its Average Fixed Cost.
The firm’s Marginal Cost is greater than its Marginal Revenue.
The firm’s Marginal Revenue is greater than its Marginal Cost.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A perfectly competitive firm needs to decrease production in order to maximize profits. We can conclude that at this level of production…
The firm’s Average Variable Cost is greater than its Average Revenue.
The firm’s Marginal Cost is greater than its Marginal Revenue.
The firm is run by a bunch of dorks.
The firm’s Average Fixed cost is increasing as production increases.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is true of a perfectly competitive firm in long-run equilibrium
Marginal Revenue = Marginal Cost
Average Total Cost = Average Revenue
Average Revenue = Marginal Revenue
All of the Above
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