
11. MICRO-CH-14

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University
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Hard
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20 questions
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1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Which of the following is not a characteristic of a competitive market?
There are many buyers and sellers in the market.
The goods offered for sale are largely the same.
Firms can freely enter or exit the market.
Firms generate small but positive economic profits in the long run.
All of these are characteristics of a competitive market.
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Which of the following markets would most closely satisfy the requirements for a competitive market?
gold bullion
electricity
cable television
soda
All of these represent competitive markets.
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
If a competitive firm doubles its output, its total revenue
more than doubles.
doubles.
less than doubles.
cannot be determined because the price of the good may rise or fall.
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
For a competitive firm, marginal revenue is
equal to the price of the good sold.
average revenue divided by the quantity sold.
total revenue divided by the price.
equal to the quantity of the good sold.
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
The competitive firm maximizes profit when it produces output up to the point where
marginal cost equals total revenue.
marginal revenue equals average revenue.
marginal cost equals marginal revenue.
price equals average variable cost.
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
If a competitive firm is producing a level of output where marginal revenue exceeds marginal cost, the firm could increase profits if it
increased production.
decreased production.
maintained production at the current level.
temporarily shut down.
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
If the price is P4, a competitive firm will maximize profits if it produces
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