micro test

question

in which of the following industry structures is entry of new firms most difficult ?

answer

pure monopoly

question

an industry comprised of a small number of firms each of which considers the potential reactions of its rivals in making price output decisions is called ?

answer

oligopoly

question

If a firm is a purely competitive industry is confronted with an equilibrium price of five is marginal revenue?

answer

will also be 5

question

The marginal revenue curve of a purely competitive firm

answer

is horizontal at the market price

question

A purely competitive sellers average revenue curve coincides with

answer

both its demand and marginal revenue curves.

question

Marginal revenue for a purely competitive firm

answer

is equal to price

question

in the short run of a purely competitive firm seeks to maximize profit will produce

answer

when total revenue exceeds total cost by the maximum amount

question

the mr = my rule applies

answer

to firms in all industries

question

When a firm is maximizing profit, it will necessarily be:

answer

maximizing the difference between total revenue and total cost

question

the mr=mc rule can be restated for a purely competitive seller as P= mc

answer

each addition unit of output adds exactly its price to total revenue

question

a pure monopolist is selling 6 units at the price of 12. if the marginal revenue of the 7th unit is 5 then

answer

price of the 7th unit is 11 bc total revenue divided by quantity

question

non price competition refers to

answer

advertising, product promotion, and changes in the real or perceived characteristics of a product.

question

refer to the above diagram for a monopolistic competitive firm in short run equilibrium the firms profit maximum

answer

16 bc at the marginal revenue line it's 160/10

question

refer to the above diagram which pertain to monopolistic comepetive firms short, run equilibrium economic loss is shown by

answer

diagram c only

question

For a pure monopolist marginal revenue is less than price because:

answer

when a monopolist lowers price to sell more output, the lower price applies to all units sold

question

the above diagram implies that whenever a firms demand curve is down sloping

answer

the firm is not a purely competitive firms

question

refer to the above data at the profit maximizing output the firms total revenue is

answer

$48 bc the cost is less than the marginal revenue

1 of 17

question

in which of the following industry structures is entry of new firms most difficult ?

answer

pure monopoly

question

an industry comprised of a small number of firms each of which considers the potential reactions of its rivals in making price output decisions is called ?

answer

oligopoly

question

If a firm is a purely competitive industry is confronted with an equilibrium price of five is marginal revenue?

answer

will also be 5

question

The marginal revenue curve of a purely competitive firm

answer

is horizontal at the market price

question

A purely competitive sellers average revenue curve coincides with

answer

both its demand and marginal revenue curves.

question

Marginal revenue for a purely competitive firm

answer

is equal to price

question

in the short run of a purely competitive firm seeks to maximize profit will produce

answer

when total revenue exceeds total cost by the maximum amount

question

the mr = my rule applies

answer

to firms in all industries

question

When a firm is maximizing profit, it will necessarily be:

answer

maximizing the difference between total revenue and total cost

question

the mr=mc rule can be restated for a purely competitive seller as P= mc

answer

each addition unit of output adds exactly its price to total revenue

question

a pure monopolist is selling 6 units at the price of 12. if the marginal revenue of the 7th unit is 5 then

answer

price of the 7th unit is 11 bc total revenue divided by quantity

question

non price competition refers to

answer

advertising, product promotion, and changes in the real or perceived characteristics of a product.

question

refer to the above diagram for a monopolistic competitive firm in short run equilibrium the firms profit maximum

answer

16 bc at the marginal revenue line it's 160/10

question

refer to the above diagram which pertain to monopolistic comepetive firms short, run equilibrium economic loss is shown by

answer

diagram c only

question

For a pure monopolist marginal revenue is less than price because:

answer

when a monopolist lowers price to sell more output, the lower price applies to all units sold

question

the above diagram implies that whenever a firms demand curve is down sloping

answer

the firm is not a purely competitive firms

question

refer to the above data at the profit maximizing output the firms total revenue is

answer

$48 bc the cost is less than the marginal revenue

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