C7 : SET 1 - DETERMINANT OF OUTPUT LEVEL AND MARKET PRICE STRUCTURE
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University
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Hard
EJA HAMID
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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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