04 Jun Question Question 1. 1.The marginal cost curve above the min
Question
Question 1. 1.The marginal cost curve above the minimum average variable cost (Points : 1)
indicates points where the firm will realize an economic profit.
covers the area where a firm should shut down.
is equal to the firm’s marginal revenue curve.
is the firm’s short-run supply curve.
Question 2. 2.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 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.Anna Lopez sells timber in a perfectly competitive market. Incomes increase, and many people buy new homes; the market demand curve shifts to the right. In the short run, she should expect (Points : 1)
the price of timber to remain unchanged.
profits to fall.
the price of timber to rise.
firms to leave the timber business.
Question 5. 5.A monopolist will have a marginal revenue curve that is (Points : 1)
identical to the demand curve.
identical to the marginal cost curve.
below the demand curve.
above the marginal cost curve.
Question 6. 6.All but which one of the following are true of monopolistic competition? (Points : 1)
MR = MC
P>MC
AR = MR
The demand curve the firm faces slopes downward.
Entry is easy.
Question 7. 7.At the other end of the market continuum from perfect competition is (Points : 1)
the corporation.
oligopoly.
the partnership.
monopsony.
monopoly.
Question 8. 8.Which one of the following is NOT a basic assumption of the model of perfect competition? (Points : 1)
Many buyers
Many sellers
A differentiated product
Full information
Mobile resources
Question 9. 9.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 10. 10.Average revenue (AR) (Points : 1)
occurs when MC = MR.
equals TR/Q.
is greater than price when economic profits are present.
does not appear in the model of perfect competition.
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