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WorksheetsMarket Structure- 6th Form
Total questions: 22
Worksheet time: 25mins
The presence of many participants means no single firm or buyer has enough market power to influence the market price
2-50
2-20
Which of the following industries is an example of a monopoly?
utilities/water
department stores
auto industry
commercial airlines
Firms in this kind of market produce goods that are very close substitutes.
Perfect Competition
Pure Monopoly
Monopolistic Competition
Oligopoly
Which formula calculates total revenue?
A) Price × Quantity sold
B) Price + Quantity sold
C) Price - Quantity sold
D) Price ÷ Quantity sold
What is Marginal Revenue (MR)?
A) Revenue minus costs
B) Total revenue divided by quantity sold
C) Revenue generated from selling one additional unit of a good
D) Revenue generated from the total quantity sold
Average Revenue (AR) is calculated as:
Total Revenue ÷ Total Cost
Total Cost ÷ Quantity
Total Revenue ÷ Quantity
Price ÷ Marginal Revenue
A firm earns a normal profit when its
accounting profit equals 0
accounting profit equals its economic profit
total revenue equals its total costs
economic profit is positive
economic profit equals its total explicit and implicit costs
________ is formulated as Revenues - Explicit costs - Opportunity costs
Accounting Profit
Economic Profit
Gross Profit
Net Profit
A firm observes the following data: at a price of $8, it sells 200 units; at a price of $6, it sells 300 units. Calculate the total revenue at a price of $8
1600
3200
1500
4000
A firm observes the following data: at a price of $8, it sells 200 units; at a price of $6, it sells 300 units. Calculate the average revenue at a price of $8
1600
8
6
3200
A firm observes the following data: at a price of $8, it sells 200 units; at a price of $6, it sells 300 units. Calculate the total revenue at a price of $6
1200
1600
1800
3200
A firm observes the following data: at a price of $8, it sells 200 units; at a price of $6, it sells 300 units. Calculate the marginal revenue at a price of $6
200
0
400
600
