Lesson 8 Quiz (Microeconomics) - Custom Scholars
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Lesson 8 Quiz (Microeconomics)

question
Using the letter labels on Graph 7.5 above, a firm with these costs and taking a market price of E would have a total cost box of ___________ .
ESOB
question
A Monopolistically Competitive firm's products ________________ .
are differentiated
question
There are many benefits of pure competition for society and consumers.
True
question
_________________ -- A large number of buyers and sellers in the market, none of whom can individually affect the price of the product or service being bought or sold.
Pure competition
question
Price (set by the market in pure competition) always remains the same.
True
question
Figure 7.1 Competitive supply and demand relationships, industry and firm.

The equilibrium quantity for this industry is _______ units.
300
question
If output is three units, then MR > MC > AVC and output should be _________ .
increased
question
This addition of three more units sold will increase average revenue by the amount of the price of a single product.
True
question
Figure 7.1 Competitive supply and demand relationships, industry and firm
false
question
Within pure competition there is ___________ societal and individual benefits achieved as envisioned by Adam Smith in the invisible hand concept.
maximum
question
In the table above the output level where the price minus ATC (average total cost) is a maximum (or least negative) is the maximum profit position. This occurs at an output of ________ units.
4
question
If this firm produced at Q = 1, then it would incur a loss of \$ ______.
0
question
Pure competition is important to economists because it is __________________ .
the most efficient allocation of resources
the easiest model to study
the "standard" of comparison to measure for maximum efficiency
all the above***
question
If a pure competition firm is producing where MR>MC>AVC, the firm will increase profits or reduce losses by ______________ the level of production
increasing
question
__________ competition assumes perfect mobility of goods/services (all goods and services can be delivered anywhere in the world).
perfect
1 of 15
question
Using the letter labels on Graph 7.5 above, a firm with these costs and taking a market price of E would have a total cost box of ___________ .
ESOB
question
A Monopolistically Competitive firm's products ________________ .
are differentiated
question
There are many benefits of pure competition for society and consumers.
True
question
_________________ -- A large number of buyers and sellers in the market, none of whom can individually affect the price of the product or service being bought or sold.
Pure competition
question
Price (set by the market in pure competition) always remains the same.
True
question
Figure 7.1 Competitive supply and demand relationships, industry and firm.

The equilibrium quantity for this industry is _______ units.
300
question
If output is three units, then MR > MC > AVC and output should be _________ .
increased
question
This addition of three more units sold will increase average revenue by the amount of the price of a single product.
True
question
Figure 7.1 Competitive supply and demand relationships, industry and firm
false
question
Within pure competition there is ___________ societal and individual benefits achieved as envisioned by Adam Smith in the invisible hand concept.
maximum
question
In the table above the output level where the price minus ATC (average total cost) is a maximum (or least negative) is the maximum profit position. This occurs at an output of ________ units.
4
question
If this firm produced at Q = 1, then it would incur a loss of \$ ______.
0
question
Pure competition is important to economists because it is __________________ .
the most efficient allocation of resources
the easiest model to study
the "standard" of comparison to measure for maximum efficiency
all the above***
question
If a pure competition firm is producing where MR>MC>AVC, the firm will increase profits or reduce losses by ______________ the level of production
increasing
question
__________ competition assumes perfect mobility of goods/services (all goods and services can be delivered anywhere in the world).
perfect

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