unit 4 quiz micro

question

Which of the following statements relating to a firm in an imperfectly competitive market and a firm in a perfectly competitive market is true?

answer

An imperfectly competitive firm must lower its price to increase sales, while a perfectly competitive firm can increase sales by increasing output at the current price

question

Which of the following statements relating to a firm in an imperfectly competitive market and a firm in a perfectly competitive market is true?

answer

When an imperfectly competitive firm raises the price, it will likely continue to sell some units of output, but when a perfectly competitive firm raises the price, it will sell no output

question

If Zeta, a single producer, had exclusive control of a key resource needed to produce good Z, a likely result would be which of the following?

answer

There would be a barrier to entry, and Zeta would have a monopoly on good Z

question

Consumer surplus on graph

answer

Uppermost left triangle

question

Which of the following statements concerning a natural monopoly is true?

answer

If the monopolist chooses to produce the quantity at which price is equal to average cost, it would earn a normal profit

question

Which of the following is true for a monopolist that engages in perfect price discrimination

answer

The monopolist sells the allocatively efficient quantity of output

question

Assume a profit-maximizing monopolist is able to price discriminate, dividing its consumers into two distinct groups charging each a different price. Based on this information, which of the following is true?

answer

The group with the more elastic demand will pay the lower price

question

Which of the following is true for a firm in long-run equilibrium in monopolistic competition?

answer

There is neither allocative nor productive efficiency

question

Which of the following is true of monopolistically competitive firms in long-run equilibrium?

answer

Marginal revenue equals marginal cost, and price equals average total cost

question

In which of the following market structures is firm interdependence and strategic behavior most commonly observed?

answer

Oligopoly

1 of 10

question

Which of the following statements relating to a firm in an imperfectly competitive market and a firm in a perfectly competitive market is true?

answer

An imperfectly competitive firm must lower its price to increase sales, while a perfectly competitive firm can increase sales by increasing output at the current price

question

Which of the following statements relating to a firm in an imperfectly competitive market and a firm in a perfectly competitive market is true?

answer

When an imperfectly competitive firm raises the price, it will likely continue to sell some units of output, but when a perfectly competitive firm raises the price, it will sell no output

question

If Zeta, a single producer, had exclusive control of a key resource needed to produce good Z, a likely result would be which of the following?

answer

There would be a barrier to entry, and Zeta would have a monopoly on good Z

question

Consumer surplus on graph

answer

Uppermost left triangle

question

Which of the following statements concerning a natural monopoly is true?

answer

If the monopolist chooses to produce the quantity at which price is equal to average cost, it would earn a normal profit

question

Which of the following is true for a monopolist that engages in perfect price discrimination

answer

The monopolist sells the allocatively efficient quantity of output

question

answer

The group with the more elastic demand will pay the lower price

question

Which of the following is true for a firm in long-run equilibrium in monopolistic competition?

answer

There is neither allocative nor productive efficiency

question

Which of the following is true of monopolistically competitive firms in long-run equilibrium?

answer

Marginal revenue equals marginal cost, and price equals average total cost

question

In which of the following market structures is firm interdependence and strategic behavior most commonly observed?

answer

Oligopoly

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unit 4 quiz micro

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