Review Chapter 14

Quiz
•
Business
•
University
•
Medium
Shereen Bacheer
Used 17+ times
FREE Resource
25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A firm has market power if it can
maximize profits
minimize costs
influence the market price of the good it sells
hire as many workers as it needs at the prevailing wage rate
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
For any competitive market, the supply curve is closely related to the
preferences of consumers who purchase products in that market
income tax rates of consumers in that market
firms’ costs of production in that market
interest rates on government bonds
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a characteristic of a competitive market?
Buyers and sellers are price takers
Each firm sells a virtually identical product
Free entry is limited
Each firm chooses an output level that maximizes profits
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Suppose that a firm operating in perfectly competitive market sells 400 units of output at a price of $4 each. Which of the following statements is correct?
i) Marginal revenue equals $4.
ii) Average revenue equals $100.
iii) Total revenue equals $1,600.
i) only
iii) only
i) and iii) only
i), ii), and iii)
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refer to Table 14-3. What is the total revenue from selling 7 units?
$120
$490
$562
$840
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refer to Table 14-3. What is the marginal revenue from selling the 3rd unit?
$55
$120
$137
$140
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refer to Table 14-3. What is the average revenue when 4 units are sold?
$60
$120
$125
$197
Create a free account and access millions of resources
Similar Resources on Wayground
20 questions
Economics for Manager Candidate

Quiz
•
University
20 questions
Market Structure

Quiz
•
University
20 questions
MGT361_Chap1&2

Quiz
•
University
20 questions
Check-In Test: Business Activity

Quiz
•
9th Grade - University
20 questions
Creating Shared Value

Quiz
•
University
26 questions
Marketing Research Prelim Exam

Quiz
•
University
20 questions
PERFECT COMPETITION AND MONOPOLY

Quiz
•
University
20 questions
Market Failure

Quiz
•
7th Grade - University
Popular Resources on Wayground
20 questions
Brand Labels

Quiz
•
5th - 12th Grade
10 questions
Ice Breaker Trivia: Food from Around the World

Quiz
•
3rd - 12th Grade
25 questions
Multiplication Facts

Quiz
•
5th Grade
20 questions
ELA Advisory Review

Quiz
•
7th Grade
15 questions
Subtracting Integers

Quiz
•
7th Grade
22 questions
Adding Integers

Quiz
•
6th Grade
10 questions
Multiplication and Division Unknowns

Quiz
•
3rd Grade
10 questions
Exploring Digital Citizenship Essentials

Interactive video
•
6th - 10th Grade
Discover more resources for Business
11 questions
NFL Football logos

Quiz
•
KG - Professional Dev...
20 questions
Definite and Indefinite Articles in Spanish (Avancemos)

Quiz
•
8th Grade - University
7 questions
Force and Motion

Interactive video
•
4th Grade - University
36 questions
Unit 5 Key Terms

Quiz
•
11th Grade - University
38 questions
Unit 6 Key Terms

Quiz
•
11th Grade - University
20 questions
La Hora

Quiz
•
9th Grade - University
7 questions
Cell Transport

Interactive video
•
11th Grade - University
7 questions
What Is Narrative Writing?

Interactive video
•
4th Grade - University