Microeconomics Exam 3
Authored by Brooklyn B
Mathematics
University
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41 questions
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1.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
What is the correct decreasing order of competitiveness for the market structures?
perfectly competitive, monopolistic, oligopoly, monopoly
monopoly, oligopoly, monopolistic, perfectly competitive
perfectly competitive, monopoly, oligopoly, monopolistic
oligopoly, monopoly, perfectly competitive, monopolistic
2.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
Many firms, identical products, low barriers to entry; ex. growing wheat or poultry farm.
perfect competition
monopolistic competition
oligopoly
monopoly
3.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
Many firms, differentiated products, low barriers to entry; ex. clothing stores or restaurants.
perfect competition
monopolistic competition
oligopoly
monopoly
4.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
Few firms, identical or differentiated products, high barriers to entry; ex. manufacturing computers or automobiles.
perfect competition
monopolistic competition
oligopoly
monopoly
5.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
One firm, unique product, entry blocked; ex. GA power or providing tap water.
perfect competition
monopolistic competition
oligopoly
monopoly
6.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
Perfectly competitive firms are price takers and earn zero economic profit in the long run.
True
False
7.
FILL IN THE BLANK QUESTION
10 mins • 1 pt
Total Revenue (TR) =
(a)
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