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Mid Term 2 Quiz

Authored by mihika kapoor

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University

Used 2+ times

Mid Term 2 Quiz
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a feature of a perfectly competitive market?

A large number of sellers

Free-entry of new sellers

A small number of buyers who buy large quantities.

The sellers have no ability to influence the market price

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The marginal cost curve is the slope of the average cost curve.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A firm in a competitive market observing a rival firm raising its price​ will:

increase production because it knows that consumers will substitute toward its relatively less expensive product.

lower its price and capture the entire market.

ignore its​ rival's action.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which market structure best describes​ the industry of auto industry?

Oligopoly

Monopoly

Perfect Competition

Monopolistic Competition

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the production function has increasing returns to scale, the marginal cost (of the long-run cost function) is decreasing.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A time period when at least one factor of production is held constant is called

Market period

Very short period

Short run

Long run

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The gap between ATC and AVC is 

MC.

AFC.

TFC.

constant throughout.

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