Self-Quiz Unit 4 - Chapter 9 Attempt review PDF

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Self-Quiz Unit 4 - Chapter 9: Competitive Markets for Goods and Services for Econ 1580...

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10/13/21, 1:07 PM

Self-Quiz Unit 4 - Chapter 9: Attempt review

Dashboard / My courses / ECON 1580 - AY2022-T1 / 23 September - 29 September / Self-Quiz Unit 4 - Chapter 9

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Saturday, 25 September 2021, 3:12 PM

State Finished Completed on Time taken

Saturday, 25 September 2021, 3:16 PM 4 mins 13 secs

Grade 10.00 out of 10.00 (100%) Question

1

Correct Mark 1.00 out of 1.00

Perfect competition is important to study because it:

Select one: a.

is a theoretical extreme used for analysis.



b. is a realistic model of a few key markets. c.

is a realistic model of many different markets.

d. avoids all real-world problems and complexities.

The correct answer is: is a theoretical extreme used for analysis.

Question

2

Correct Mark 1.00 out of 1.00

The difference between total revenue and total cost is:

Select one: a.

economic profit.



b. nominal revenue. c.

average revenue.

d. marginal revenue.

The correct answer is: economic profit.

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1/5

10/13/21, 1:07 PM Question

Self-Quiz Unit 4 - Chapter 9: Attempt review

3

Correct Mark 1.00 out of 1.00

When a firm's total revenue exceeds its total cost:

Select one: a.

average revenue is less than average total cost.

b. total cost falls with increases in output. c.

total cost rises with increases in output.



d. marginal cost is negative.

The correct answer is: total cost rises with increases in output.

Question

4

Correct Mark 1.00 out of 1.00

The profit-maximizing level of output for a perfectly competitive firm in the short run occurs where:

Select one: a.

marginal cost equals price.



b. marginal revenue equals price. c.

total revenue equals total cost.

d. average revenue equals average total cost.

The correct answer is: marginal cost equals price.

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10/13/21, 1:07 PM Question

Self-Quiz Unit 4 - Chapter 9: Attempt review

5

Correct Mark 1.00 out of 1.00

In this exhibit (A Perfectly Competitive Firm in the Short Run), the firm will shut down in the short run if the price falls below:

Select one: a.

0G.

b. 0F. c.

0E.

d. 0P.



The correct answer is: 0P.

Question

6

Correct Mark 1.00 out of 1.00

A perfectly competitive firm will continue producing in the short run as long as it can cover its:

Select one: a.

total cost.

b. average total cost. c.

average variable cost.



d. average fixed cost.

The correct answer is: average variable cost.

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10/13/21, 1:07 PM Question

Self-Quiz Unit 4 - Chapter 9: Attempt review

7

Correct Mark 1.00 out of 1.00

If some firms in a perfectly competitive industry are earning positive economic profits, then in the long run, the:

Select one: a.

industry is in long-run equilibrium.

b. industry supply curve will shift to the right. c.



number of firms in the industry will not change.

d. number of firms in the industry will decrease.

The correct answer is: industry supply curve will shift to the right.

Question

8

Correct Mark 1.00 out of 1.00

Suppose that the market for candy canes operates under conditions of perfect competition, that it is initially in long-run equilibrium, and that the price of each candy cane is $0.10. Based on the information given, we can conclude that the average revenue for candy canes:

Select one: a.

is less than $0.10.

b. equals $0.10. c.



is greater than $0.10.

d. It is not possible to answer based on the information given.

The correct answer is: equals $0.10.

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4/5

10/13/21, 1:07 PM Question

Self-Quiz Unit 4 - Chapter 9: Attempt review

9

Correct Mark 1.00 out of 1.00

If a perfectly competitive industry is characterized by constant costs in the long run, its long-run:

Select one: a.

marginal revenue curve is vertical.

b. marginal cost curve is vertical. c.



industry supply curve is horizontal.

d. average fixed cost curve is horizontal.

The correct answer is: industry supply curve is horizontal.

Question

10

Correct Mark 1.00 out of 1.00

An increase in demand in a perfectly competitive industry characterized by constant costs will cause a/an:

Select one: a.

permanent increase in price.

b. economic loss for firms. c.

increase in the quantity supplied in the short run and an increase in market supply in the long run.



d. decrease in firm's marginal revenue.

The correct answer is: increase in the quantity supplied in the short run and an increase in market supply in the long run.

◄ Discussion Forum Unit 4 Jump to... Learning Guide Unit 4 - Chapter 10 ►

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