Costs and perfect competition
Authored by RocheAngelien Meggersee
Social Studies
10th Grade
Used 1+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What must result from an increase in output?
a decrease in the average cost
a decrease in the total costs
an increase in the fixed costs
an increase in the variable costs
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which form of production would be least likely to have the advantages of economies of scale?
car manufacturing
commercial cereal farming
handmade jewellery
refining of oil products
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which statement about total fixed cost is correct?
It falls as output increases.
It is calculated by adding total cost and total variable cost
It is calculated by dividing total cost by output.
It must be paid even if output is zero.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An entrepreneur buys a workshop for $10 000 to make picture frames. In the first year he spent $40 000 on materials and employed two workers. He paid the workers for each frame produced with a total cost of $30 000. He bought a vehicle to deliver the frames for $10 000
What were his total variable costs?
$40 000
$70 000
$80 000
$100 000
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which international market is closest to the model of perfect competition?
diamonds
foreign currency
petrol (fuel)
washing machines
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is correct for firms in perfect competition?
They achieve economies of scale.
They are price takers.
They make use of non-price competition.
They produce differentiated products.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which characteristic can exist both in monopoly and in perfect competition?
freedom of entry
many buyers
many sellers
perfectly elastic demand curve
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