Econ prob set 5 review
Authored by Cassey Beach
Business
University
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9 questions
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1.
FILL IN THE BLANK QUESTION
45 sec • 1 pt
Total Revenue =
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The additional revenue received from producing an additional unit
Total Revenue
Marginal Cost
Marginal Revenue
Profit
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The additional cost from producing an additional unit
Total Revenue
Marginal Cost
Marginal Revenue
Total Cost
4.
MULTIPLE CHOICE QUESTION
30 sec • Ungraded
Profits =
Total Revenue - Total Cost
(Price - AC)q
Both answers are correct
Neither answers are correct
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a monopolist determine the quantity to produce to maximize their profits?
Set P = MC
Set MR = MC
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What price will a Monopolist charge?
They will charge the price the market will bear.
(the height of the demand curve)
Set P = MC
Where MR = MC
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How would a perfectly competitive market determine the quantity to produce?
Set P = MC
Set MR = MC
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