02 Jun Question 1.A monopolist faces (Points : 1) a perfectly elastic demand curve.
Question
1.A monopolist faces (Points : 1)
a perfectly elastic demand curve.
a portion of the market demand curve.
an upward-sloping demand curve.
no demand curve, because demand is not important to the monopolist.
the market demand curve.
Question 2. 2.At the other end of the market continuum from perfect competition is (Points : 1)
the corporation.
oligopoly.
the partnership.
monopsony.
monopoly.
Question 3. 3.If a firm is making an economic profit, then (Points : 1)
the factors of production are being paid their opportunity costs.
there will be no change in the number of firms if the industry is perfectly competitive.
the factors of production are being paid less than their opportunity costs.
the factors of production are being paid more than their opportunity costs.
the firm will exit the industry.
Question 4. 4.A competitive firm (Points : 1)
can consider only its location in setting price.
must base its competitive price on product differentiation.
has the ability to set its own price.
must accept the price determined by the intersection of the market supply and demand curves.
has no supply curve.
Question 5. 5.At the point of long-run equilibrium for a perfectly competitive firm, (Points : 1)
economic profits are zero.
TR > TC.
TR < TC.
P = AVC.
normal profits are zero.
Question 6. 6.If a monopoly firm is selling its seventy-fifth unit of output at a price of $30, then in order for the firm to sell 80 units of output, it is likely that average revenue would have to be (Points : 1)
$30.
greater than $30.
equal to marginal revenue.
less than $30.
equal to marginal cost.
Question 7. 7.When P = AR = MR = AC = MC, (Points : 1)
economic profits are positive.
economic profits are zero.
economic profits are negative.
normal profits are zero.
normal profits are negative.
Question 8. 8.The greater the price elasticity of the demand curve that the firm faces in monopolistic competition, (Points : 1)
the higher the degree of competition in the industry.
the lower the degree of competition in the industry.
the fewer substitutes for the good produced.
the easier it is for the firm to raise its price.
the less sales the firm will gain from a price decrease.
Question 9. 9.In a perfectly competitive industry, if TR > TC, then in the long run (Points : 1)
firms will exit the industry.
new firms will enter the industry.
there will be no change in the number of firms.
market supply will shift to the left.
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