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# micro test

question
in which of the following industry structures is entry of new firms most difficult ?
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 ?
oligopoly
question
If a firm is a purely competitive industry is confronted with an equilibrium price of five is marginal revenue?
will also be 5
question
The marginal revenue curve of a purely competitive firm
is horizontal at the market price
question
A purely competitive sellers average revenue curve coincides with
both its demand and marginal revenue curves.
question
Marginal revenue for a purely competitive firm
is equal to price
question
in the short run of a purely competitive firm seeks to maximize profit will produce
when total revenue exceeds total cost by the maximum amount
question
the mr = my rule applies
to firms in all industries
question
When a firm is maximizing profit, it will necessarily be:
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
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
price of the 7th unit is 11 bc total revenue divided by quantity
question
non price competition refers to
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
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
diagram c only
question
For a pure monopolist marginal revenue is less than price because:
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
the firm is not a purely competitive firms
question
refer to the above data at the profit maximizing output the firms total revenue is
\$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 ?
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 ?
oligopoly
question
If a firm is a purely competitive industry is confronted with an equilibrium price of five is marginal revenue?
will also be 5
question
The marginal revenue curve of a purely competitive firm
is horizontal at the market price
question
A purely competitive sellers average revenue curve coincides with
both its demand and marginal revenue curves.
question
Marginal revenue for a purely competitive firm
is equal to price
question
in the short run of a purely competitive firm seeks to maximize profit will produce
when total revenue exceeds total cost by the maximum amount
question
the mr = my rule applies
to firms in all industries
question
When a firm is maximizing profit, it will necessarily be:
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
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
price of the 7th unit is 11 bc total revenue divided by quantity
question
non price competition refers to
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
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
diagram c only
question
For a pure monopolist marginal revenue is less than price because:
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
the firm is not a purely competitive firms
question
refer to the above data at the profit maximizing output the firms total revenue is
\$48 bc the cost is less than the marginal revenue

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