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Int Chap 9

Authored by Lauren Banko

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University

Used 2+ times

Int Chap 9
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5 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which best describes the type of good sold in a competitive market?

Differentiated

Unique

Homogenous

Luxury

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The market price for kiwi is $0.50. Each competitive firm will face a perfectly elastic demand curve

at a price below $0.50.

at $0.50.

at a price above $0.50.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the market price for rye is $4.00/lb, each competitive firm's marginal revenue (MR) will be

above $4.00

equal to $4.00

below $4.00

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Golden Rule for profit- maximization in economics is

Marginal Revenue = Marginal Cost

Marginal Revenue = Price

Marginal Revenue > Marginal Cost

Price = Minimum Average Cost

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a competitive market, if all firms are earning positive economics profit in the short run, what can we expect to happen in the long run?

Firms will increase their production

New firms will enter the market

Some firms will leave the market

Firms will shut down temporarily.

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