03 Jun Question Question 1 A firm that emerges as the only seller in an industry with economies of scale is a(n):
Question
Question 1
A firm that emerges as the only seller in an industry with economies of scale is a(n):
Answer
Monopoly
Oligopoly
Natural oligopoly
Natural monopoly
Question 2
The profit maximizing rule MR = MC applies to:
Answer
All firms
Monopolists only
Perfect competitors only
Oligopolistic firms
Question 3
Suppose that the total cost curve for a firm is given by the equation TC = a + bQ, where ‘a’ and ‘b’ are positive numbers. This firm’s average costs will then:
Answer
Rise over the entire range of output
Fall at first and then rise as output rises
Fall over the entire range of output
Rise at first and then fall as output rises
Question 4
Constant returns to scale occur when a doubling of all inputs:
Answer
Doubles the price of outputs
More than doubles output
Less than doubles output
Exactly doubles output
Question 5
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