Econ Test 3 - Quizzes - Custom Scholars
Order Now
Home » Flash Cards » Econ Test 3 – Quizzes

Econ Test 3 – Quizzes

question
The golden rule of profit maximization states that any firm maximizes profit by producing where
answer
marginal revenue equals marginal cost
question
The demand curve facing a perfectly competitive firm is
answer
perfectly elastic
question
A perfect competitive firm making economic loss, should shut down when
answer
Price is less than the average variable cost (P<AVC)
question
The entry of new firms into a competitive industry in the long run has the effect of
answer
eliminating economic profits
question
Long-run equilibrium for a perfectly competitive firm occurs when
answer
P=MC=MR=ATC
question
A natural monopoly results when a firm has
answer
Decreasing average costs over the range of market demand
question
The demand curve a monopolist uses in making an output decision is
answer
The same as the market demand curve (downward sloping from the right)
question
In order to sell an additional unit of its product, a monopolist must decrease price on all units
answer
True
question
Which of the following is true of marginal revenue for a monopolist that charges a single price?
answer
P>MR because the monopolist must decrease price on all units sold in order to sell an additional unit
question
The golden rule of profit maximization states that any firm maximizes profit by producing where
answer
marginal revenue equals marginal cost
question
The term monopolistic competition
answer
denotes an industry with many sellers of differentiated products
question
Oligopolists are more sensitive to the pricing and output policies of their rivals when
answer
all firms produce identical products
question
If Family Travel Agency, a monopolistic competitor, offers services that are differentiated from the services of other producers in the industry, it
answer
has some power to control the price it charges
question
What do monopolistic competition, pure monopoly, and perfect competition have in common?
answer
the rule of profit maximization
question
*Monopolistic competition
answer
characterizes an industry in which many firms offer products or services that are similar, but not perfect substitutes. Barriers to entry and exit in a monopolistic competitive industry are low, and the decisions of any one firm do not directly affect those of its competitors
1 of 15
question
The golden rule of profit maximization states that any firm maximizes profit by producing where
answer
marginal revenue equals marginal cost
question
The demand curve facing a perfectly competitive firm is
answer
perfectly elastic
question
A perfect competitive firm making economic loss, should shut down when
answer
Price is less than the average variable cost (P<AVC)
question
The entry of new firms into a competitive industry in the long run has the effect of
answer
eliminating economic profits
question
Long-run equilibrium for a perfectly competitive firm occurs when
answer
P=MC=MR=ATC
question
A natural monopoly results when a firm has
answer
Decreasing average costs over the range of market demand
question
The demand curve a monopolist uses in making an output decision is
answer
The same as the market demand curve (downward sloping from the right)
question
In order to sell an additional unit of its product, a monopolist must decrease price on all units
answer
True
question
Which of the following is true of marginal revenue for a monopolist that charges a single price?
answer
P>MR because the monopolist must decrease price on all units sold in order to sell an additional unit
question
The golden rule of profit maximization states that any firm maximizes profit by producing where
answer
marginal revenue equals marginal cost
question
The term monopolistic competition
answer
denotes an industry with many sellers of differentiated products
question
Oligopolists are more sensitive to the pricing and output policies of their rivals when
answer
all firms produce identical products
question
If Family Travel Agency, a monopolistic competitor, offers services that are differentiated from the services of other producers in the industry, it
answer
has some power to control the price it charges
question
What do monopolistic competition, pure monopoly, and perfect competition have in common?
answer
the rule of profit maximization
question
*Monopolistic competition
answer
characterizes an industry in which many firms offer products or services that are similar, but not perfect substitutes. Barriers to entry and exit in a monopolistic competitive industry are low, and the decisions of any one firm do not directly affect those of its competitors
Continue to order Get a quote

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more
Live Chat+1(978) 822-0999EmailWhatsApp

Order your essay today and save 20% with the discount code BEGOOD

Order Now
seoartvin escortizmir escortelazığ escortbacklink satışbacklink saleseskişehir oto kurtarıcıeskişehir oto kurtarıcıoto çekicibacklink satışbacklink satışıbacklink satışbacklink