micro test ch 11

question

which of these is not a characteristic of a competitive market, according to economists

answer

the sellers try to gain strategic advances over one another

question

suppose there are 100,000 individual sellers in the competitive world market for oil. what price should each seller charge

answer

exactly 50 dollars

question

which costs should be considered when making long run decisions

answer

fixed and variable costs only

question

which is greater: accounting profits or economic profits

answer

accounting profits, because they do not take into account implicit costs

question

based on the data, what quantity should this producer produce

answer

question

to maximize profits, a firm in a competitive industry will increase output until

answer

price equals marginal cost

question

if the average cost of producing 100 units is 5 dollars and the average cost of producing 101 units is 5.05, what is the marginal cost of the 101st unit

answer

10.05

question

which of these is a correct formula for profit

answer

profit = (price - average cost) x quantity

question

at which of the labeled prices would this firm exit as soon as possible but stay open in the meantime

answer

5$ (middle)

question

which type of industry is the rarest

answer

a decreasing cost industry such as the carpet industry

question

in a perfectly competitive market, a form will set its price

answer

equal to the market price

question

economic profit is total revenue minus

answer

both explicit and implicit costs

question

a competitive firm will maximize its profit at the quantity

answer

where marginal revenue = marginal cost

question

if price increases, a firm will

answer

expand production

question

if a firm produces at the output where mr = mc, it will always make a profit

answer

false. if the average cost is greater than price, the firm will have a loss

question

an industry in which the industry costs do not change with greater output is called a

answer

constant cost industry

1 of 16

question

which of these is not a characteristic of a competitive market, according to economists

answer

the sellers try to gain strategic advances over one another

question

suppose there are 100,000 individual sellers in the competitive world market for oil. what price should each seller charge

answer

exactly 50 dollars

question

which costs should be considered when making long run decisions

answer

fixed and variable costs only

question

which is greater: accounting profits or economic profits

answer

accounting profits, because they do not take into account implicit costs

question

based on the data, what quantity should this producer produce

answer

question

to maximize profits, a firm in a competitive industry will increase output until

answer

price equals marginal cost

question

if the average cost of producing 100 units is 5 dollars and the average cost of producing 101 units is 5.05, what is the marginal cost of the 101st unit

answer

10.05

question

which of these is a correct formula for profit

answer

profit = (price - average cost) x quantity

question

at which of the labeled prices would this firm exit as soon as possible but stay open in the meantime

answer

5$ (middle)

question

which type of industry is the rarest

answer

a decreasing cost industry such as the carpet industry

question

in a perfectly competitive market, a form will set its price

answer

equal to the market price

question

economic profit is total revenue minus

answer

both explicit and implicit costs

question

a competitive firm will maximize its profit at the quantity

answer

where marginal revenue = marginal cost

question

if price increases, a firm will

answer

expand production

question

if a firm produces at the output where mr = mc, it will always make a profit

answer

false. if the average cost is greater than price, the firm will have a loss

question

an industry in which the industry costs do not change with greater output is called a

answer

constant cost industry

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micro test ch 11

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