Both monopolies and competitive firms

Econ Final exam

Quiz
•
Financial Education
•
University
•
Hard
Ava Goins
FREE Resource
24 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
are price takers
are price makers
face barriers to entry
make long-run economic profits
try to maximize profits
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Which of the following characteristics best defines a private good?
Rival and excludable
Rival and non-excludable
Non-rival and non-excludable
Non-rival and excludable
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
A free-rider problem exists when:
People receive a benefit for which they do not need to pay
Firms impose a cost on third parties
Negative externalities exist
A private good is produced
Any market is in equilibrium
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
In the perfect competition market structure,
The market demand curve is horizontal
The single firm faces a horizontal demand curve
The single firm faces a downward-sloping demand curve.
The market demand curve is downward sloping.
B & D
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
The perfectly competitive firm will seek to produce the level of output for which
average variable cost is at a minimum
average total cost is at a minimum
average fixed cost is at a minimum
marginal cost equals marginal revenue
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
A perfectly competitive firm should increase its level of production as long as
total revenue is less than total cost
the total revenue curve is rising
marginal revenue is greater than the marginal cost
marginal revenue curve is rising
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Costs that do not change with output are called _______ costs.
marginal
average
fixed
variable
long-run
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