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
Create a free account and access millions of resources
Similar Resources on Wayground
20 questions
Macro Unit 3&4 recit

Quiz
•
University
20 questions
FIN346 Chapter 5

Quiz
•
University
21 questions
Stock & Bond Test 1

Quiz
•
University
20 questions
Macro IS LM

Quiz
•
University
25 questions
FRAUD

Quiz
•
University
20 questions
Accounting for Managers - Quiz

Quiz
•
University
20 questions
FNC3213 Working Capital Management

Quiz
•
University
22 questions
Business Cycle Quiz

Quiz
•
University
Popular Resources on Wayground
25 questions
Equations of Circles

Quiz
•
10th - 11th Grade
30 questions
Week 5 Memory Builder 1 (Multiplication and Division Facts)

Quiz
•
9th Grade
33 questions
Unit 3 Summative - Summer School: Immune System

Quiz
•
10th Grade
10 questions
Writing and Identifying Ratios Practice

Quiz
•
5th - 6th Grade
36 questions
Prime and Composite Numbers

Quiz
•
5th Grade
14 questions
Exterior and Interior angles of Polygons

Quiz
•
8th Grade
37 questions
Camp Re-cap Week 1 (no regression)

Quiz
•
9th - 12th Grade
46 questions
Biology Semester 1 Review

Quiz
•
10th Grade