Microeconomics Quiz Chapter 8 - Custom Scholars
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Microeconomics Quiz Chapter 8

question
Which of the following is NOT a characteristic of a perfectly competitive market?
answer
Firms can compete by adding new product features that competitors lack
question
In a perfectly competitive firm, what are marginal revenue and marginal cost equal to at the profit maximizing level of output?
answer
The price of the good sold
question
Under Perfect competition, the primary method that firms use to maximize profits is cutting cost.
answer
True
question
If marginal cost exceeds marginal revenue at a firm's current level of output, the firm can increase profit if it increases its level of output.
answer
False
question
A firm maximizes profit when it produces output up to where marginal cost equals marginal revenue
answer
True
question
Which of the following goods are NOT sold under perfect competition?
answer
Cell phones
question
Under perfect competition, what happens to the location of the firm's demand curve over time if it is earning short term profit?
answer
It is driven down to where it intersects the Average Total Cost curve at the ATC minimum
question
Over time, why is the perfectly competitive firm's demand curve always driven down to where it just intersects the Average Total Cost curve at the ATC's minimum point?
answer
Because the presence of economic profit will entice other firms to enter the market, thus driving down the price of the good.
question
For perfectly competitive firms, the market price will equal the marginal cost at the profit maximizing level of output.
answer
True
question
Firms under perfect competition can earn long run economic profit.
answer
False
1 of 10
question
Which of the following is NOT a characteristic of a perfectly competitive market?
answer
Firms can compete by adding new product features that competitors lack
question
In a perfectly competitive firm, what are marginal revenue and marginal cost equal to at the profit maximizing level of output?
answer
The price of the good sold
question
Under Perfect competition, the primary method that firms use to maximize profits is cutting cost.
answer
True
question
If marginal cost exceeds marginal revenue at a firm's current level of output, the firm can increase profit if it increases its level of output.
answer
False
question
A firm maximizes profit when it produces output up to where marginal cost equals marginal revenue
answer
True
question
Which of the following goods are NOT sold under perfect competition?
answer
Cell phones
question
Under perfect competition, what happens to the location of the firm's demand curve over time if it is earning short term profit?
answer
It is driven down to where it intersects the Average Total Cost curve at the ATC minimum
question
Over time, why is the perfectly competitive firm's demand curve always driven down to where it just intersects the Average Total Cost curve at the ATC's minimum point?
answer
Because the presence of economic profit will entice other firms to enter the market, thus driving down the price of the good.
question
For perfectly competitive firms, the market price will equal the marginal cost at the profit maximizing level of output.
answer
True
question
Firms under perfect competition can earn long run economic profit.
answer
False
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