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C7 : SET 1 - DETERMINANT OF OUTPUT LEVEL AND MARKET PRICE STRUCTURE

Authored by EJA HAMID

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C7 : SET 1 - DETERMINANT OF OUTPUT LEVEL AND MARKET PRICE STRUCTURE
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10 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

In long-run equilibrium, the monopolistic competition market firm may generate _________________ .

operation shutdown.

super normal profit.

subnormal profit.

normal profit.

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which the following criteria is a unique characteristics of oligopoly market ?

Price competitions.

Price discrimination.

Mutual interdependence.

Perfect homogeneous product.

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A perfectly competitive market can maximize profit when output is produced at a where ________________.

marginal revenue is equal to average profit.

marginal revenue is equal to marginal cost.

marginal revenue is equal to average variable cost.

marginal revenue is equal to average revenue.

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Average revenue for a monopoly is _______________ .

less than price.

equal to marginal revenue.

less than marginal revenue.

greater than marginal revenue.

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Assume that a perfect competitive firm increases the production from 10 units to 11 units. If the market price is RM20 per unit, total revenue for 11 units is ________________?

RM20

RM200

RM210

RM220

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

According to the kinked-demand curve model, the oligopoly firm will produce output when __________________.

average cost is at its minimum.

average revenue equals marginal cost.

marginal revenue equals marginal cost.

the demand curve intersects with average cost curve.

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Monopolistic competition market means _______________ producing ____________ goods.

few firms ; standardized

few firms ; differentiated

many firms ; standardized

many firms ; differentiated

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