04 Jun Question QUESTION 1 1. Since there is free mobility of resou
Question
QUESTION 1
1. Since there is free mobility of resources, the perfect competitor can freely move in and our of a given perfectly competitive market.
True
False
4 points
QUESTION 2
1. Economies of scale is when the cost of producing a unit increases as its output rate increases.
True
False
4 points
QUESTION 3
1. The demand which a monopolist is faced with is also the market demand for the product.
True
False
4 points
QUESTION 4
1. Average fixed costs diminish continuously as output increases.
True
False
4 points
QUESTION 5
1. The average total cost curve on a graph will be found below the average variable cost curve.
True
False
4 points
QUESTION 6
1. The long-run average cost curve will be derived by adding up all the short run average total cost curves.
True
False
4 points
QUESTION 7
1. A perfectly competitive industry is characterized by a few producers, all producers produce a homogeneous product, and there is free mobility of resources.
True
False
4 points
QUESTION 8
1. Unlike the perfect competitor, who is a price taker, the monopolist is faced with a demand curve such that he/she can charge whatever price he/she wishes.
True
False
4 points
QUESTION 9
1. Total fixed cost curve shows that fixed costs vis-à-vis production levels don’t change.
True
False
4 points
QUESTION 10
1. A firm in a perfectly competitive industry may incur a short-term loss and yet continue producing in order to minimize losses.
True
False
4 points
QUESTION 11
1. A firm may become a monopoly if it controls the entire supply of a basic input required to manufacture a product, has exclusive rights to make a product or use a particular process, and/or is awarded a market franchise by a government agency.
True
False
4 points
QUESTION 12
1. Economic profit involves explicit costs, while accounting profits involve implicit costs.
True
False
4 points
QUESTION 13
1. A perfect competitor can reap an economic profit in the short run but not in the long run.
True
False
4 points
QUESTION 14
1. One of the objectives of the monopolist is to squeeze out smaller competitors from the market.
True
False
4 points
QUESTION 15
1. At least in theory, the more competition there is in the market, the greater also is the efficiency in the economy.
True
False
4 points
QUESTION 16
1. The short run is a period of time when all factor inputs are fixed.
True
False
4 points
QUESTION 17
1. In general, the product price is higher in an oligopolistic market than that of monopolistic competition.
True
False
4 points
QUESTION 18
1. Economic profit involves total revenue minus the total costs, with total cost measured as the opportunity costs of production.
True
False
4 points
QUESTION 19
1. The monopolist produces a product for which there are no close substitute goods.
True
False
4 points
QUESTION 20
1. Marginal costs will start to fall before average costs start to fall.
True
False
4 points
QUESTION 21
1. A monopolist is different from a perfect competitor by the monopolist’s price being equal to average revenue.
True
False
4 points
QUESTION 22
1. A firm’s economic profit is usually higher than its accounting profit.
True
False
4 points
QUESTION 23
1. To affect sales, a monopolistic competitor can lower price or differentiate the product.
True
False
4 points
QUESTION 24
1. A monopolistic competitor produces a differentiated product having numerous close substitutes.
True
False
4 points
QUESTION 25
1. The four types of market structures we study in economics are perfect competition, monopolies, oligopolies, and corporations.
True
False
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