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unit 3 test

Authored by Addi Herring

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University

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unit 3 test
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14 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

profit maximization occurs when

MR=MC

TR>TC

MC=AC

P=AC

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a market becomes more competitive as there are ___ buyers and ___ sellers


fewer; fewer

fewer; more

more; fewer

more; more

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

selling the same product at different prices to different people

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a monopoly is a firm:

that is exempt from patent protection

that sets price above marginal cost without concern that other firms will enter the industry

without market power

that sets price higher than or equal to marginal cost

5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

to maximize profit, the monopolist increases output

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

monopolist price is ____ than competitve firms

higher

lower

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the elimination principle states that ___ normal profits are eliminated by ___, and ___ normal profits are eliminated by ___.


above-; prices; below-; costs


below-; prices; above-; costs


below-; entry; above-; exit


above-; entry; below-; exit


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