What is the firm’s profit-maximizing quantity of output?

Imperfect Competition Review

Quiz
•
Social Studies
•
10th - 12th Grade
•
Medium
Julie Walker
Used 18+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Q1
Q2
Q3
Q4
Q5
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What price will the firm charge?
P1
P2
P3
P4
P5
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The graph shows the cost and revenue curves for a monopoly that produces teddy bears. The letters in the graph represent the enclosed areas.
If the monopolist charges a single price for teddy bears, which of the following describes an accurate outcome?
The consumer surplus equals area (a), the producer surplus equals area (c), and the deadweight loss equals area (b+d+e).
The consumer surplus equals area (b), the producer surplus equals area (c+d), and the deadweight loss equals area (d+e).
The consumer surplus equals area (a+b) the producer surplus equals area (c), and the deadweight loss equals area (e+f).
Consumer surplus equals area (a+b), producer surplus equals area (c+d), and deadweight loss equals area (e).
The consumer surplus equals area (a), the producer surplus equals area (c+f), and the deadweight loss equals (b+d+e).
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If the monopolist engages in perfect price discrimination, which of the following will happen?
Consumer surplus will remain the same (a+b) and producer surplus will increase by area (e).
Both consumer surplus and producer surplus will decrease by area (a+b+c+d), and the deadweight loss will remain constant.
Consumer surplus will increase by area (e), producer surplus will decrease by area (e), and the deadweight loss will be zero
Consumer surplus and deadweight loss will be zero because all the surplus will be transferred to producer surplus.
Both consumer surplus and producer surplus will increase because output produced will increase to Q2.
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
One difference between monopolistic competition and oligopoly is that firms in monopolistic competition are assumed to
cooperate in setting price and outputcooperate in setting price and output
act independently in setting price and output
be interdependent
face high barriers to entry
sell differentiated products
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following explains why imperfectly competitive markets are inefficient?
Total costs increase as output increases.
Price is greater than marginal cost.
Firms do not earn zero economic profit.
Firms incur high start-up costs when setting up their factories.
Firms use relatively more capital than labor to produce goods or services.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is true in imperfectly competitive markets?
Firms produce standardized or identical products.
Firms enjoy economies of scale in production.
Firms produce output at constant marginal cost.
Firms must lower their product prices to sell additional units.
New firms can easily enter or exit the market.
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